10 Vital Estate Planning Insights
Los Angeles Estate Planning Attorney | Collins Law Group
by Caprice Collins
2M ago
Estate planning is a critical task that ensures your assets are managed and distributed as you wish after your death. It’s a process that involves preparation, understanding, and, often, professional advice. Whether you’re just starting or revising your plan, here are ten essential estate planning insights everyone should know about.1.) Estate Planning Isn’t Just for the WealthyIt’s a common misconception that estate planning is only for the wealthy. In reality, everyone should have a plan in place. Estate planning ensures that your assets, no matter their size, are distributed according to yo ..read more
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Incentive Trust Benefits: Real-World Case Studies
Los Angeles Estate Planning Attorney | Collins Law Group
by Caprice Collins
3M ago
Estate planning offers various tools to help you secure your family’s future. One such tool, often overlooked, is the incentive trust. This type of trust can motivate your beneficiaries in unique and meaningful ways.In this blog, we’ll dive into the benefits of an incentive trust and explore some case studies that illustrate its utility.What Is an Incentive Trust?An incentive trust is a legal arrangement that provides financial benefits to its beneficiaries based on specific conditions. In other words, the trust incentivizes certain behaviors or accomplishments. These can range from graduating ..read more
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Can You Draw Up Your Own Will By Hand?
Los Angeles Estate Planning Attorney | Collins Law Group
by Caprice Collins
4M ago
Since so many people go through life without any estate planning documents, some folks finally decide to take the matter into their own hands, quite literally. About 11 years ago, there was an interesting story circulating about a couple of handwritten wills, and we will revisit it here.Thomas KinkadeThomas Kinkade was a successful artist that called himself the “Painter of Light.” He was quite prolific, and he made a lot of money, but he was also a prolific imbiber of alcohol.In 2012, his drinking turned tragic when he passed away from “acute intoxication” after mixing alcohol with diazepam ..read more
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The Horrors of Dying Intestate
Los Angeles Estate Planning Attorney | Collins Law Group
by Caprice Collins
4M ago
Many souls believe that if they lack means, they do not need an Estate Plan. Nothing could be further from the truth. If you die without an Estate Plan, it’s like opting for a trick on Halloween and the results of both can be downright scary. The post The Horrors of Dying Intestate appeared first on Collins Law Group ..read more
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The Anatomy of a Basic Estate Plan
Los Angeles Estate Planning Attorney | Collins Law Group
by Caprice Collins
5M ago
There are different approaches that can be taken when you are planning your estate, and this is why you should work with an attorney to create a custom-crafted plan. This being stated, there are some standard components that make up the basic framework.In an effort to provide you with a starting point, we will share an outline of a basic estate plan in this post.Asset TransfersThe facilitation of postmortem asset transfers is at the core of the estate planning process. Everyone has heard of the simple will, and this is an option, but there are limitations and drawbacks that you [Read more ..read more
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10 Steps to Take after Receiving a Terminal Diagnosis
Los Angeles Estate Planning Attorney | Collins Law Group
by Caprice Collins
9M ago
Learning you have a terminal illness or condition may cause a variety of emotional reactions, making it difficult to think about practical steps you should take. There are, however, some things you should do to protect yourself and your loved ones. With that in mind, a Los Angeles estate planning attorney at Collins Law Firm explains 10 steps to take after receiving a terminal diagnosis.Terminal Diagnosis StepsContact Los Angeles Estate Planning LawyersFor more information, please download our FREE estate planning worksheet. If you have additional questions about the steps to take after receiv ..read more
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Should I Share the Details of My Estate Plan?
Los Angeles Estate Planning Attorney | Collins Law Group
by Caprice Collins
9M ago
If you have an estate plan in place, you already recognize the numerous benefits an estate plan offers. Once your plan is in place, however, you may struggle with deciding how much (if any) of the details of that plan to share with beneficiaries and heirs of your estate. Ultimately, it is a very personal decision; however, the Los Angeles estate planning attorneys at Collins Law Firm offer some things to consider when deciding whether to share the details of your estate plan.Reasons to Share the Details of Your Estate PlanDiscussing the details of your estate plan — particularly those [Read mo ..read more
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Why Do People Avoid Probate?
Los Angeles Estate Planning Attorney | Collins Law Group
by Caprice Collins
10M ago
Have you ever heard the term “probate avoidance” without knowing exactly what it is all about? A lot of people would answer this question in the affirmative, so we will provide an explanation here.Estate AdministrationThe probate court is the specific court that presides over estate matters. When someone dies without a will or trust, the court would supervise the estate administration process. They would appoint a personal representative, and the business of the estate would be conducted.This would involve the payment of final debts, including taxes. At the end of the process, the assets would ..read more
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Estate Planning for Blended Families: Navigating Complexities and Ensuring Security
Los Angeles Estate Planning Attorney | Collins Law Group
by Caprice Collins
10M ago
Blended families bring unique dynamics and considerations to the realm of estate planning. As couples with children from previous relationships come together, it becomes crucial to address the complexities and ensure the financial security of all family members.This blog post will explore the importance of estate planning for blended families, discuss key considerations, and provide practical tips to navigate this intricate process.Understanding the Dynamics of Blended FamiliesBlended families can encompass a range of relationships, including stepchildren, stepparents, and half-siblings. Estat ..read more
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Legacy Planning vs. Estate Planning: Understanding the Differences
Los Angeles Estate Planning Attorney | Collins Law Group
by Caprice Collins
10M ago
When it comes to planning for the future, many people focus on traditional estate planning to ensure the smooth transfer of assets and the protection of their loved ones. However, a comprehensive approach to planning involves both estate and legacy planning.While these terms are often used interchangeably, they represent distinct concepts and goals. In this blog post, we will explore the differences between legacy planning and estate planning to help you understand the unique aspects and benefits of each.Estate Planning: Protecting Assets and Ensuring DistributionEstate planning primarily focu ..read more
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