Families sometimes seek legal assistance because they are looking for damage control after a loved one has passed away. Legacy plan mistakes were made, and the surviving family members were forced to deal with difficult circumstances.These situations are frustrating because they could have been avoided if the decedent had received the right guidance. With this in mind, we will look at some of the legacy plan mistakes that can be made in this post.DIY Estate PlanningThere have been many sitcom episodes based on a character rolling up their sleeves to try to get something done on their own. Thei ..read more

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 to properties transitioning from one generation to another, disproportionately affecting African America ..read more

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

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

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

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

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

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

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

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