Let’s dive deep into a critical decision when it comes to securing your legacy: the choice between a trust and a simple will. For many, a will feels straightforward, but a trust may be the game changer you never realized you needed. Let’s explore three scenarios where a trust might be your best move. We’ll cover additional reasons why trusts often outshine wills in our next post, so stay tuned. Remarriage If you're stepping into a second marriage, and especially if you’re older or financially … [Read more...] about Unlocking the Power of Trusts: When Are They a Must? (Part 1)
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Why You Can’t Afford to Wait: The Hidden Dangers of DIY Estate Planning
DIY estate planning might seem like a quick, cost-effective solution, but this approach can put everything you care about at risk. It’s easy to think you’ve covered all the bases when filling out an online template, but the reality is far more complex—and the consequences of getting it wrong can be devastating. Here’s why taking shortcuts with your estate plan could end up costing you far more than you bargained for. Your Future, Your Family, Your Responsibility—Why Not Now? Estate planning … [Read more...] about Why You Can’t Afford to Wait: The Hidden Dangers of DIY Estate Planning
You Can’t Afford to Make These Four Estate Planning Mistakes
We are sometimes approached by people who are dealing with negative situations that were caused by estate planning mistakes. In this post, we will look at five of these errors that are commonly made so you can take the right steps to steer clear of them. Intestacy A survey that was conducted earlier this year found that just 32 percent of American adults have wills or trusts in place. When you see this number, you may assume that this is strictly due to inaction amount younger people. In fact, … [Read more...] about You Can’t Afford to Make These Four Estate Planning Mistakes
Spotlight: Attorney John Sweeney Illuminates Inequities in LA Real Estate: Bridging Past Biases to Secure Future Legacies
On March 28th the Inglewood Board of Realtor Annual Installation at the Proud Bird. Attorney John Sweeney gave the keynote address highlighting systemic bias in LA's real estate development, focusing on historic discriminatory practices like restrictive covenants. These barriers, though legally removed, still hinder African American communities. Attorney Sweeney's discourse extends to contemporary challenges like Proposition 19, discussed with Attorney Collins. Prop 19 underscores the threat … [Read more...] about Spotlight: Attorney John Sweeney Illuminates Inequities in LA Real Estate: Bridging Past Biases to Secure Future Legacies
How Are Trust Administration Costs Calculated and Paid?
If you are contemplating the addition of a trust to your estate plan, you likely have several questions. Some of those questions may be related to the costs associated with administering a trust. To help answer those questions, a Los Angeles trust administration attorney at Collins Law Firm explains how trust administration costs are calculated and paid. Trust Basics A trust is a legal relationship where property is held by one party for the benefit of another party. The person who creates … [Read more...] about How Are Trust Administration Costs Calculated and Paid?
Why Would I Need a Secret Trust?
Given how popular trusts are, there is a very good chance you will decide to incorporate one into your estate plan. In fact, you might choose to create a secret or semi-secret trust. For those who are unfamiliar with them, a Los Angeles trust attorney at Collins Law Firm explains the secret and semi-secret trust. The Last Will and Testament Most people are familiar with the concept of a Will. At its most basic, a Will is a legal document that allows the Testator (person … [Read more...] about Why Would I Need a Secret Trust?
Are There Expenses Involved in Administering a Trust?
A living trust is among the most common additions to an estate plan. A living trust can be used to help with a variety of estate planning goals, including probate avoidance, incapacity planning, and asset protection. If you are considering a living trust for your estate plan, you may be concerned about the cost of administering that trust once it is active. A Los Angeles trust attorney at Collins Law Firm explains typical costs involved in administering a trust. Trust Basics A … [Read more...] about Are There Expenses Involved in Administering a Trust?
Can I Be the Trustee of My Trust?
Trusts are among the most common of all estate planning tools given the numerous and varied goals a trust can help you achieve within your estate plan. If you decide to incorporate a trust into your estate plan, you will need to appoint a Trustee to administer the trust. You may be tempted to appoint yourself as the Trustee. A Los Angeles trust administration attorney at Collins Law Firm discuss the wisdom of appointing yourself as the Trustee of your own trust. Trust Basics A trust … [Read more...] about Can I Be the Trustee of My Trust?
Why Would I Create an Intentionally Defective Grantor Trust?
If your estate consists of significant assets, one of your primary considerations within your estate plan should be the impact federal gift and estate taxes will have on your estate after you are gone. One estate planning tool you may decide to use is an Intentionally Defective Grantor Trusts (“IDGT”). Because it may sound odd to create an intentionally defective legal document, a Los Angeles trust attorney at Collins Law Firm explains why you might want to create an IDGT. Why Would I … [Read more...] about Why Would I Create an Intentionally Defective Grantor Trust?
