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Firm News for Collins Law Firm
Your Family Deserves More Than an Estate Plan
Posted On 1/22/2012
We all want to do our very best to provide for our families, both during our lifetimes and after we’re gone. That is why we work hard, manage our finances carefully, and take estate planning seriously. The estate planning landscape has changed significantly in just a few years, and the opportunities are better than ever for those of us who want to leave a true legacy for our loved ones.
AGING PARENTS: ASKING THE TOUGH QUESTIONS
Posted On 12/20/2011
Adult children often find it difficult to think about the possibility that someday one or both of their parents won't be self-sufficient. As a result, many families are unprepared to handle the issues and challenges that arise with aging parents.
The best time to talk about financial and health issues is when your parents are well and independent. And for many families, the holiday season, as everyone gathers together, provides a good opportunity to carry out this important task. So gather your siblings, set a date and consider reviewing the following questions with your parents.
Home For the Holidays? It May be Time to Talk Elder Care
Posted On 12/20/2011
The over-the-river-and-through-the-woods trip to grandmother's house is prime time to also assess Mom and Dad's health before a crisis occurs, aging experts say.
It's really best to have early conversations with parents about what they need and want so they can age in place. It's really best to have early conversations with parents about what they need and want so they can age in place.
Tracing Your Family Medical History: Are You at Risk?
Posted On 12/19/2011
You know you got your curly hair from your grandmother, and your prominent nose from your dad. These aren't the only things you may have inherited from your family, however. Many medical conditions, including heart disease, breast cancer, prostate cancer, diabetes, alcoholism and Alzheimer's disease have also been shown to be passed down through families.
Need a Speaker?
Posted On 12/13/2011
Need a dynamic professional to motivate your group and celebrate a special occasion, i.e. Mother's Day, Father's Day, Church Anniversary, Revival, Pastor Anniversary, Annual Meeting, Club Meeting, Conference or Convention? Caprice L. Collins, Harvard educated attorney, financial advisor, educator and civic leader, is available to speak at your meetings.
Five Estate Planning Myths
Posted On 11/3/2011
Estate plannng. It's on everyone's "should do" list, but it rarely seems to make it to the top of the "to do" list. Maybe that's because esttae planning is surrounded by myths and misconceptions. People this it's only for the wealthy, or only for the elderly. The Trust is, everyone needs some form of estate planning, because estate planning is life planning.
Federal Court Denies Annual Exclusions - Compliments of the American Academy of Estate Planing Attorneys
Posted On 10/7/2011
The Internal Revenue Code provides for the “annual exclusion” of present interest gifts of up to $13,000 per year per donee. This gifting strategy is an effective way for a person with a taxable estate to reduce the size of his or her estate without consuming the $1 million lifetime gift tax applicable exclusion amount. For instance, a married couple with three children, each of whom also have three children, could make $312,000 in annual exclusion gifts per year ((2 x 3 children = 6 annual gifts) + (2 x 9 grandchildren = 18 annual gifts) x $13,000 per donee = $312,000).
The Estate Tax Is Not the Only Consideration in Estate Planning
Posted On 10/4/2011
According to the Center on Budget and Policy Priorities, only the wealthiest one out of every 400 estates owed an estate tax in 2009.
Getting Value Out of Giving with Charitable Trust
Posted On 10/4/2011
Americans are givers. In 2010, we gave more than $290 billion to our favorite causes, with the vast majority of charitable giving, $212 billion, donated by individuals or household donors.
Boomer Time Bomb
Posted On 10/4/2011
With legions of baby boomer starting to retire, a growing number of American will soon need some kind of long-term healthcare, whether from a nursing home or from an in-home health aide. A new survey by the SCAN Foundation and the UCLA Center for Health Policy Research, however, finds that Californians are woefully underprepared for the cost of such serviceds. The survey is a wake-up call to the public, as well as a warning signt to lawmakers who want to pull the plug preemptively on a new federal insurance program for long-term care.
Set the Stage for Medi-Cal Eligibility
Posted On 9/20/2011
Incapacity planning is a broad area of law that covers how you are cared for if you become physically or mentally unable to care for yourself. The type of care could range from simple tasks like buying groceries, paying bills, and handling financial matters to more important decisions such as selling real estate or gifting assets to your children.
Within the realm of incapacity planning, there are also arrangements that deal specifically with deci-sions regarding steps taken to obtain Medi-Cal benefits. A Trust with “Medi-Cal triggers” comes into play by allowing your Agent to move forward with decisions that you would have handled yourself, if you were still legally competent to do so. The types of decisions required in this area of planning can vary. For instance, you may outline instructions for a nursing home stay or the repositioning of as-sets to allow you to qualify for Medi-Cal while preserving assets for the next generation if you are single, and while protecting your spouse’s financial independence.
There’s No Time Like the Present to Review your Plans
Posted On 9/14/2011
It’s imperative to review your estate plan periodically, especially...
Your Heirs Will Lose Money If You Don't Take These Steps Now...
Posted On 8/12/2011
If your spouse and/or other heirs cannot quickly figure out your financial affairs after you pass away or become incapacitated, you won’t just leave them frustrated—you might leave them with less money. Accounts and other assets could be overlooked…and financial penalties could be incurred, such as those for not taking required distributions from tax-deferred retirement accounts.
Top 10 Reasons for Periodic Estate Planning Review
Posted On 8/1/2011
Some people think that estate planning is a once in a lifetime project. But, as John F. Kennedy said, “change is the law of life.” Periodic review of an estate plan is essential to ensure that your plan continues to accomplish your goals in the most effective manner.
Will Money Rip Your Family Apart?
Posted On 7/26/2011
It’s a sad fact that families are routinely torn apart by failure … the failure to create an estate plan. Without one, you fling the door open wide to welcome probate, family jealousy, opportunistic lawyers, creditors and crippling taxes into your family’s life.
The Estate That Would Not Die
Posted On 7/18/2011
The litigation surrounding the publicity rights of the remainder beneficiary of the estate of Marilyn Monroe illustrates some of the problems with probate administrations and how a trust can help avoid some of these entanglements.
Trustee: an Honor and a Responsibility
Posted On 7/15/2011
You are named as Successor Trustee in your parent’s, siblings, or other loved one’s Trust. This is an honor and a responsibility. Of course, it is an honor because they have chosen you to carry out the wishes closest to their heart. It is a responsibility because the actions you make can have serious legal and tax consequences.
Choose Your Estate Planning Practitioner Wisely
Posted On 7/7/2011
What comes to mind when you think of estate planning? Perhaps the ideal image is a family relying on an experienced, trusted attorney to guide them through the ups and downs of life, helping them work out the legal issues surrounding illnesses, deaths, and other major life events.
What most of us don’t think about when we consider estate planning is an unqualified, or even unlicensed, individual producing cookie-cutter estate plans that may or may not work as intended. However, this and do-it-yourself software/websites are faces of the estate planning industry.
Look After Your Spouse Even After You're Gone
Posted On 7/7/2011
You and your spouse have worked hard to save for your golden years. But have you planned for a long, secure retirement if one of you outlives the other? Study after study shows that women tend to fall behind men when it comes to planning for retirement, and there are myriad reasons for this situation.
Asset Protection Planning in Litigious Times
Posted On 6/20/2011
In our ever increasingly litigious society it is essential to protect yourself from potential creditors. The article examines asset protection techniques in maintaining insurance to the use of asset protection trust.
Tough Times Could be Tougher
Posted On 6/9/2011
With tough economic times, people often look to hold others accountable for their difficulties. Which is why lawsuits tend to rise as the economy sinks. In fact, a 2010 survey of corporate law departments shows increased expectations for litigation. So, what can you do to protect yourself?
Doing It Yourself Can Sometimes Lead to Disaster
Posted On 6/2/2011
A growing number of consumers are attempting to prepare estate plans themselves. They use paralegal services or companies such as LegalZoom.com, LawDepot.com, and Nolo.com for the preparation of important legal documents such as Wills, Trusts, and Powers of Attorney. They are using similar means for the creation of business entities such as corporations, partnerships, and limited liability companies. This type of self-help can often lead to unintended consequences and results. It can also lead to beneficiaries incurring legal fees (in order to unwind the mess) far in excess of what it would have cost to hire an experienced estate planning attorney to handle the matter in the first place.
Short and Sweet is Not Always Better
Posted On 6/2/2011
When you compare a do-it-yourself Living Trust with one that was prepared by a qualified estate planning attorney, one of the first things you’re likely to notice is that the attorney-prepared trust is long. And it might not be so easy to read.
Don’t be Fooled: Estate Planning Isn’t Just for the Wealthy
Posted On 6/2/2011
Maybe it’s the word “estate” that throws so many of us off, but there is something about the idea of estate planning that calls to mind the Warren Buffets and Bill Gates of the world. This tends to lead those of us who are not among the mega-wealthy to believe we’re off the hook.
Puppy Love: Planning Your Estate With a Pet Trust
Posted On 5/26/2011
We love our pets. Each year, Americans spend billions upon billions of dollars to make sure that our dogs, cats, and assorted other animal friends are well taken care of. The American Pet Products Association estimates that in 2010, Americans spent more than $18 billion on pet food, more than $11 billion on medications and supplies, and more than $12 billion on veterinary care.
Increasingly, pet owners are not just worried about providing for our pets during our lifetimes, we want to ensure that they get all the love and care they need after we’re gone, too. This is evidenced by the fact that an increasing number of states have passed laws allowing pet owners to establish trusts for their pets.
What are the Odds?
Posted On 5/26/2011
What are the Odds your family will need estate planning? Well, anyone who will die someday needs to plan for that eventuality—that is everyone! In addition, anyone who will ever be disabled or incapacitated needs to plan for that eventuality, as well. Even for those in their 20s and 30s, the odds of at least a 3-month disability prior to age 65 are over forty percent.
Leaving a Lasting Legacy
Posted On 5/26/2011
What is “wealth?” Upon hearing this question, your thoughts might run first to material possessions: money, real estate, and other assets. However, when you really think about it, your true wealth is much more than just your accumulated assets. It encompasses the financial and the non-financial, and many people would argue that the most important elements of true wealth are all those things that don’t show up on a balance sheet, things like your life experiences, your faith, your values, your work ethic, and your family history.
Practical Strategies for Protecting Your Privacy
Posted On 5/26/2011
We all have areas of our lives that we prefer to keep out of the public eye. At the same time, each of us experiences intrusions into our privacy, both large and small, during our lifetime and even after death. For instance, those telemarketing calls that always seem to come just as you’re sitting down to dinner are not just a nuisance; they are also an invasion of your family’s privacy. On a larger scale, the charitable contributions you choose to make aren’t necessarily private; a charity must reveal the sources of direct contributions made to it. And, to the surprise of many people, if you’re not careful, the details of your financial affairs may be revealed through a public probate process and may become public knowledge at your death.
Estate Planning Without a Crystal Ball
Posted On 4/5/2011
One of the primary reasons for planning your estate is to make sure that your assets go where you want them to after you’ve passed away. If you’re a parent, it’s likely that you’ll want to use your estate plan to make sure your children are provided for. Many people choose to use their Will or their Living Trust to leave a lasting legacy to a favorite nonprofit or charitable cause.
Help! My Attorney No Longer Practices Law
Posted On 3/7/2011
Deb was like most of the rest of us. She was responsible. She took care of herself and her family, got an eye exam once a year, and visited the dentist every six months. She also made sure that she had an estate plan in place and even reviewed and updated it regularly. Imagine her surprise when she discovered that the estate planning attorney she had relied on for the past ten years was retiring!
IRA Changes for 2011
Posted On 3/1/2011
What’s new? Every year brings changes in tax law, and some of these revisions always seem to affect IRAs. Here is a look at some of the new wrinkles for 2011.
You can’t defer income resulting from a Roth IRA conversion in 2011. If you converted a traditional IRA to a Roth IRA in 2010, you could opt to divide the income resulting from the conversion between your 2011 and 2012 federal tax returns. (If you did go Roth in 2010, you have until October 17, 2011 to choose this income deferral option.) You don’t have this choice in 2011 - the income can’t be deferred to a future tax year.
Remarriage Protection: Protecting Your Children’s Inheritance
Posted On 2/16/2011
Increasingly, Americans do not remain with their first spouse for life. According to a 2001 study by the National Center for Health Statistics of the U.S. Department of Health and Human Services, 20% of first marriages face “disruption” (defined as separation or divorce) within the first five years. One-half of all first marriages face disruption within the first 20 years of marriage.
After disruption of the marriage, most people remarry. 75% of divorced women remarry within ten years. This trend toward multiple marriages has resulted in millions of “blended” families. While each family is unique, blended families bring even more challenges for estate planning. Each spouse may have children from prior marriages and the two spouses may have children together. Spouses may come to the marriage from different financial positions.
Parenting Your Grandchildren? You Need a Solid Estate Plan
Posted On 2/2/2011
Most grandparents act as caregivers for their grandchildren to one degree or another. For some, it may be watching the little ones while mom and dad enjoy a much-needed evening out, while for others caring for grandchildren may be a long-term arrangement.
According to data collected in the 2010 census, 4.9 million children under age eighteen live in grandparent-headed households. Most of these children live in multi-generational homes, including their grandparents plus at least one parent. However, in 20% of these grandparent-headed households, neither parent is present in the home and the grandparents are responsible for meeting the needs of the children.
What to Expect When You’re Inheriting
Posted On 2/2/2011
At some point in our lives, we all dream of receiving an inheritance. We envision buying a new car, finally being able to afford private schools for the kids, or maybe even taking a trip around the world. But the reality of inheriting money or property often differs from our dreams.
Congress Passes New Estate Tax Law as Part of Compromise Package
Posted On 1/12/2011
President Obama signed The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (“TRA 2010”) into law on December 17, 2010. At long last, the enactment of TRA 2010 brings certainty to the estate tax, but only for two years. At the end of the two-year reprieve, the law will revert to the tax law as it existed in 2001 ($1,000,000 applicable exclusion amount and maximum 55% marginal estate and gift tax rate) unless Congress takes further action between now and then. With many Republicans and Democrats proclaiming themselves to be deficit hawks, Congress will have to find a way to pay for the estimated $68 billion in lost estate tax revenues (savings to taxpayers) over its two-year lifespan.
One Big Happy Family: How to Avoid an Estate Dispute
Posted On 1/7/2011
Picture this: at the end of your long, fulfilling life, surrounded by your extended, loving family, you say goodbye and peacefully leave this world. And then... your family declares war on each other. Suddenly, family members are unhappy with the contents of your estate plan, and old rifts between loved ones reopen, possibly never to heal. Where do the disagreements end? In litigation, where your estate is dissipated and everyone walks away unhappy.
Helping Your Parents Through Their Twilight Years
Posted On 1/5/2011
Your parents were watching over you, smiling and encouraging, as you took your first tentative steps. As a teenager, they handed you the keys as you took the car out on your own for the first time. They were there with guidance and advice, sometimes requested and sometimes not, as you left childhood and navigated young adulthood.
ARE YOU PREPARED TO PAY FOR LONG TERM CARE?
Posted On 12/29/2010
70% of people currently over age 65 will require some long term care someday. That is the estimate of the U.S. Administration on Aging, a division of the U.S. Department of Health & Human Services.1 Will Medicare or private health insurance pay for it? The short answer is “no”. In the decades ahead, baby boomers will reach their seventies, eighties and nineties. With aging parents of their own, some are learning how much long term care really costs. Some are still unaware.
How the New Estate Tax Exclusion Affects Your Estate Plan
Posted On 12/28/2010
On December 17th, Congress revised the estate tax with a new law, TRA 2010, that sets the exclusion amount at $5 million per person for 2010 – 2012. However, this temporary adjustment to the estate tax exclusion disappears in 2013, and returns with an exclusion of $1 million per person. Read more about how the estate tax revision under TRA 2010 will affect your estate plan, regardless of whether you have a taxable estate.
How the New Estate Tax Exclusion Affects Your Estate Plan
Posted On 12/28/2010
On December 17th, Congress revised the estate tax with a new law, TRA 2010, that sets the exclusion amount at $5 million per person for 2010 – 2012. However, this temporary adjustment to the estate tax exclusion disappears in 2013, and returns with an exclusion of $1 million per person. Read more about how the estate tax revision under TRA 2010 will affect your estate plan, regardless of whether you have a taxable estate.
END-OF-THE-YEAR MONEY MOVES
Posted On 12/15/2010
Here are some things you might want to do before saying goodbye to 2010.
What has changed for you in 2010? Did you start a new job – or leave a job behind? Did you retire? Did you start a family? If some notable changes occurred in your personal or professional life, then you will want to review your finances before this year ends and the next one begins.
Even if your 2010 has been comparatively uneventful, the end of the year is still a good time to get cracking and see where you can plan to save some taxes and/or build a little more wealth.
CHOOSING A FINANCIAL PROFESSIONAL
Posted On 12/15/2010
Credibility and compatibility both matter. When it comes to the “alphabet soup” of financial industry designations, some of them carry more clout than others. Some of the most respected professional designations are Certified Financial Planner (CFP), Chartered Financial Consultant (ChFC) and Chartered Financial Analyst (CFA). These designations are earned only after thorough examinations and a required curriculum of college-level studies in financial planning applications, retirement, insurance and estate planning fundamentals and other topics. Real-world experience must also complement this course of study.
HATTERING THE MYTH THAT WOMEN AREN’T GOOD WITH MONEY
Posted On 12/15/2010
Why do we cling to the myth that women don’t understand money as well as men? If you look at the personal finance books out right now, some of the titles might convince you that women need “special help” when it comes to figuring out saving, investing and budgeting. The current self-help tomes include Prince Charming Isn't Coming … SHOO, Jimmy Choo! The Modern Girl's Guide to Spending Less and Saving More … Does This Make My Assets Look Fat? … Girl, Get Your Money Straight … A Purse of Your Own: An Easy Guide to Financial Security.
The Return of the Estate Tax: Planning for 2011
Posted On 10/12/2010
With the end of 2010 rapidly approaching, the question that is occupying the estate planning world is “what will happen to the federal estate tax?” The short answer is that no one knows exactly. In fact, no one expected the situation to reach its current status without a resolution. However, this doesn’t mean that you should wait for Congress to take action before you do your estate planning.
With Taxes on the Rise, Charitable Remainder Trusts May Again be an Important Tool
Posted On 10/4/2010
A recent Wall Street Journal article stated that Democrats are deeply divided on whether to extend the Bush Tax Cuts that will be expiring at the end of 2010. It appears likely Congress will wait until after the mid-term elections to take any action on the matter. Without Congressional action, income tax rates will rise and the estate tax will return in 2011.
Prior to the Bush Tax Cuts, the marginal personal income tax rates were 39.6%, 36%, 31%, and 28%. After the Bush Tax Cuts went into effect, the marginal rates dropped to 35%, 33%, 28% and 25% respectively. The legislation also increased the child tax credit and eliminated the marriage tax penalty.
Economic Update For The Week of September 20, 2010
Posted On 9/22/2010
According to the Labor Department, the Consumer Price Index rose 0.3% in August while the Producer Price Index advanced 0.4%. You can chalk up the increase to energy prices, especially summer gasoline prices: consumer energy costs rose 2.3% last month, and energy costs for producers went up 2.2%. Yet core CPI was flat in August, while core PPI increased just 0.1%. Over the last 12 months of data, core CPI and core PPI have respectively risen 0.9% and 1.3%.1,2
2010 Is Last Year to Take Advantage of the Two-Year Spread
Posted On 9/15/2010
On May 17, 2006, President Bush signed the Tax Increase Prevention and Reconciliation Act (TIPRA) into law. Currently, the law provides that a taxpayer can convert a traditional IRA to a Roth IRA only if the taxpayer's modified adjusted gross income (MAGI) does not exceed $100,000 and is not a married individual filing a separate return.
KCET Appoints Attorney Caprice L. Collins as Member to Their Community Advisory Board
Posted On 9/8/2010
Attorney Caprice L. Collins was appointed a member of the Community Advisory Board by KCET, the flagship public television station in Los Angeles which has the largest geographic reach in California.
Estate Planning: It’s About More Than Taxes
Posted On 9/8/2010
In 2010, contrary to a lot of people’s expectations, Congress allowed the one-year repeal of the estate tax to occur as provided in legislation that had been passed a decade earlier. Even if there had been no estate tax repeal, only a tiny number of people would have owed federal estate taxes. According to The Estate Tax: Myths and Realities, a study by the Center on Budget and Policy Priorities, updated in 2009, the estates of only 0.24% of people who died in 2009 were expected to owe any estate tax at all. That’s fewer than 1 in every 400 people!
Home Comforts: Maximizing Your Most Valuable Asset
Posted On 9/8/2010
If you’re like many Americans, your home is your single most valuable asset, both emotionally and financially. It’s where you raise your family and where you find shelter from the harsh realities of the outside world. Your home matures with your family, reflecting the stages from a young couple’s house full of hopes and plans for the future; to a busy family’s home, full of noise and activity; to a home filled with blessed peace and quiet. In addition to being the center of your family life and possibly your most significant financial investment, your home can offer you benefits in terms of taxes, estate planning and asset protection.
Rental Property: The Next Generation
Posted On 9/3/2010
A humorous take on how families pass on businesses or rental property, is reflected in this quip: Avenge your children; give them equal shares in your business. Certainly, what can seem like a generous, wonderful thing can be rife with conflict and imbalance, if you don’t take steps to implement the appropriate legal framework.
How Long Term Care Insurance Can Help Protect Your Assets
Posted On 7/22/2010
As baby boomers leave their careers behind, long term care insurance will become very important in their financial strategies. The reasons to get an LTC policy after age 50 are very compelling.
Tax Saving Benefits of a Life Insurance Trust
Posted On 7/7/2010
Many people have Revocable Living Trusts. They allow for the management of assets during their incapacity, avoid the necessity of probate at death, and usually save money in the post-death administration process. However, some people have an additional specialized trust, an Irrevocable Life Insurance Trust or “ILIT.”
Funding is Critical to Estate Planning
Posted On 7/7/2010
Everyone knows that planning is part of estate planning. When Ted and Emily met with their attorney, they discussed their family’s needs and the legacy they wanted to leave. Ted and Emily and the attorney created an estate plan designed to achieve their goals via a Revocable Living Trust as the way to get there. After the documents were prepared, they set up the appointment to sign or “execute” the Trust and other documents, including the Property Power of Attorney, the Health Care Power of Attorney, and a Pour Over Will. After that, they were done, right?
When Harry Met Sally: A Lesson in Preventing Family Discord
Posted On 6/21/2010
The American Declaration of Independence begins "We hold these truths to be self-evident, that all men are created equal . . ." While this may hold true for people and their rights, all Trusts are definitely not created equal.
FOR MOTHER’S DAY MONTH, TAKE A LOOK AT YOUR RETIREMENT FUNDS
Posted On 5/28/2010
What many a Mom needs, according to research, is a thoughtful look into her future. Only about 57% of Americans are on course to have adequate savings for retirement, according to the Center for Retirement Research. And the most vulnerable are women, because they earn less, spend savings on medical care for older husbands and can expect to live longer than their spouses.
A New Tax and Retirement Opportunity in 2010
Posted On 5/18/2010
We all know the importance of saving for retirement. However, thoses earning above $100,000 have had one retirement saving opportunity denied them: the Roth IRA.
Selecting an Estate Planning Attorney – Wisely
Posted On 5/10/2010
When you plan your estate, you are putting together your road map to your legacy. Your estate plan determines who will be entitled to your assets, how they can use them, and the protections which they and the assets you leave them may have from creditors, divorcing spouses, etc. The attorney whom you select to assist you in creating that plan is integral to its success. That is why you need to choose wisely.
Top Reasons to Do Estate Planning—What are You Waiting For?
Posted On 5/4/2010
People have many different reasons to do estate planning. Some people plan diligently and well in advance of any urgent need. Other people procrastinate and plan only when things are thrust upon them. What are you waiting for? Here are some of the top reasons which estate planning attorneys say motivate their clients to plan or update their existing plan:
Special Children Require Special Estate Plans
Posted On 4/20/2010
As you undoubtedly know, meeting your children’s needs requires a lifetime commitment. This may involve more extended thought than you might have initially anticipated. As parents, you are responsible for taking care of your children in many different ways: physically, financially, and emotionally to name just a few. For many parents, most of these responsibilities officially end or are largely reduced as the children mature into adults. But if you’re a parent of a child with special needs, the concept of lifetime commitment is even more real to you.
The Special Child: Helping Parents Plan
Posted On 4/15/2010
As tough as it is to consider, all parents have an obligation to plan for the unthinkable: that death or disability may render them unable to care for their children. Parents of children with disabilities have a special challenge. Here's important information that your clients need to know.
Dos and Don’ts of Managing an Inheritance
Posted On 4/13/2010
An inheritance is a bittersweet thing. On one hand, the circumstance which brought about the inheritance is the death of a loved one. On the other hand, your loved one valued your relationship with them enough to think of you and try to make your life better. Here are some pointers to consider when dealing with inheritances.
First, think carefully of what you want to do with the money. All too often, inheritances are squandered on meaningless items. Do something with the money that will have a lasting impact on your life. Doing so honors your loved one and their memory.
NEW TAX PERKS FOR NONQUALIFIED ANNUITY OWNERS
Posted On 4/13/2010
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DEATH & TAXES
Posted On 3/30/2010
As we move into April 2010, we are in the fourth month without a federal estate tax. That’s right. Anyone who died so far in 2010 will have no federal estate tax owned by his or her estate.
When Father Time Catches Up With Our Parents
Posted On 3/29/2010
We all expect it to happen eventually—our parents getting older. Not just older chronologically, but physically and mentally older as well. It's a difficult and sometimes painful process to realize that our parents are in fact aging. With each passing year, your parents, too, may be showing more obvious signs of time gone by. Even the spryest of spry eventually start to slow down and need more help than they did before.
Protect Yourself & Your Loved Ones From Financial Abuse
Posted On 3/11/2010
If it could happen to the heiress Brooke Astor, it could happen to anyone. Anthony Marshall, Astor’s son, is on trial in
Some victims never realize that they are being robbed, while others do not wish to press charges against family members or feel powerless to stop the thefts.
Seniors suffering from dementia or living in isolation are at the greatest risk-but anyone can be a target. Good news: There are ways to prevent a loved one – or yourself – from becoming a victim of elder financial abuse.
What Keeps a New Mom Up at Night Besides the Baby?
Posted On 3/9/2010
The birth of a new baby is a wondrous, joyous event. Henry David Thoreau said that “every child begins the world again.” Your world certainly began anew with your new baby!
How to Avoid Estate Planning Minefields
Posted On 2/1/2010
You Don’t Know What You Don’t Know
Preserving Grandma’s Legacy
Posted On 2/1/2010
When you were younger, grandma’s attic held such fascination for you. The hat boxes and old clothes were great fun when playing dress up. There were old records of “Big Band” music. It was like travelling back to an earlier time.
Grandparent's Guide To 2nd Generation Planning
Posted On 1/26/2010
One morning you wake up and ask yourself, “Where has the time gone?” Your babies are now adults and likely parents themselves. You have done your job of raising responsible adults with lives of their own. You have taught them right from wrong, how to treat others, and many other important life skills. Although they are off on their own, you still worry and want to protect them from all of life’s uncertainties.
Preserving Your Independence
Posted On 1/14/2010
As we get older, it often seems that time accelerates. It seems the children were in diapers just yesterday. But, now they’ve left home and they have kids of their own. Where does the time go?
Planning After a Breakup
Posted On 1/14/2010
Nobody plans to break up. When a couple marries, they dream of their lives together and the special times which they will share. They think of the shared holidays and the family which will grow from their love. Their lives become intertwined emotionally, financially, and legally.
Rental Property: The Next Generation
Posted On 10/19/2009
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Michael Jackson's Death - Why YOU Need Your Estate Planning Documents in Order
Posted On 6/29/2009
The sudden death of Michael Jackson serves as a reminder to everyone that, no matter your age, you need to have your estate planning in order. The pop superstar died on Thursday, June 25th at 50 years old. The media is speculating as to how his estate will be handled and the future of his young children. No public statement has been made in regard to his personal planning and the media and the nation will wait anxiously to see how this unfolds. If Michael Jackson prepared a Trust the public will most likely never know the details as it will be held private, however, if he had a Will it becomes part of public record. In the state of California, a Will needs to be presented within 30 days. Jackson's assets, royalties and the amount of debt he had accumulated most likely will lead to lengthy battles over his estate.
American Academy of Estate Planning Attorneys Recognized by Money Magazine Again
Posted On 5/29/2009
Carolyn Bigdas article "Rethink Your Legacy" in the June issue of Money Magazine explores the five questions you should be asking regarding your estate. The article recommends the American Academys website, www.aaepa.com, as a source to find a qualified estate planning attorney. The Associate Director of Education at the Academy, Steve Hartnett, was also interviewed in the article and lent his expertise to one of the five questions. This is the fifth mention of finding a quality attorney on the American Academys members list by Money Magazine in the last 21 issues.
First African American Firm to Conduct Estate Planning Seminars at Sea
Posted On 2/2/2009
Attorney Caprice Collins and the Collins Law Group celebrated their First Annual Client Appreciation Cruise in August. Interest for the client cruise was kicked off during the law firm's 25th anniversary party last November and this culminated into an overwhelming successful cruise in August. In celebration of the law firm's 25th anniversary and as a way to thank their special clients for their wonderful support, the law firm offered this unique opportunity on the high seas.
Consumer Reports Recommends American Academy
Posted On 1/29/2009
The American Academy of Estate Planning Attorneys was recommended in the January 2009 Consumer Reports Money Adviser newsletter. The article “How to Avoid Inheritance Feuds” focuses on techniques for avoiding conflict after a loved one passes away.
Money Magazine Recognizes American Academy!
Posted On 12/26/2008
In the January 2009 issue of Money Magazine, Walecia Konrads article entitled "Keep It In The Family" focuses on making sure the wealth youve worked so hard to accumulate will go to the people you love.
American Academy Mentioned Again in Money Magazine!
Posted On 3/18/2008
Robert Armstrong, President of the American Academy of Estate Planning Attorneys, was interviewed by Money Magazine senior writer Penelope Wang for her article "A Midlife Money Checkup" in the March 2008 Issue.
American Academy Recommended by Nationally Syndicated Talk Show Host
Posted On 12/20/2007
The John Tesh Radio Show recommended the American Academy as a resource for finding an estate planning attorney. The segment focusing on money and finance originally aired in September 2007 and was repeated in December 2007.
American Academy Mentioned in Money Magazine
Posted On 10/25/2007
The September issue of Money Magazine has an article entitled,"20 Timeless Money Rules." Rule 17, Exiting Gracefully, is particularly significant because it emphasizes the importance of putting together your estate plan. The recommendation of Money Magazine is that you search for a member of the American Academy of Estate Planning Attorneys: "To find a lawyer, ask friends and colleagues for recommendations or get referrals online at the website of the American Academy of Estate Planning Attorneys (aaepa.com)."
Attorney Caprice Collins to Speak at the Caregiver Wellness Day
Posted On 6/23/2006
We are proud to announce that Ms. Collins will be a guest speaker for the Caregiver Wellness Day event Sponsored by the Alzheimer’s Association. Ms. Collins presentation will be in two parts. First, Ms. Collins will be a part of a rotating roster of speakers that will interact with event participants by facilitating a concise discussion with participants based on your area of expertise. This portion of the presentation will take place at 10:00 am to 11:30 am. Second, Ms. Collins has agreed to be the Alzheimer’s Keynote Speaker for the event. The topic for Ms. Collins keynote address is entitled “Understanding the Legal Process While Providing Care for Someone”. This portion of the presentation will take place at 12:00 pm to 1:00 pm. Ms. Collins presentations will take place on the following date, time and location:
Date: Friday, June 23, 2006
Time: 10:00 am – 1:00 pm
(Includes concise discussions & Keynote Address)
Location: Four Points Sheraton Hotel-Culver City
5990 Green Valley Circle, Culver City, CA 90230
Attorney Collins Receives Honoree Award by The Black Business Association
Posted On 3/25/2006
The Black Business Association presented Ms. Collins with a Keynote Honoree Award at their Salute to Black Women Awards Luncheon and Conference on March 25, 2006. Their mission is to honor outstanding African-American women who are making valuable contributions in our nation and those who are making history as leaders of Southern Californias most influential black women organizations.
Attorney Collins Receives Woman of the Year Award
Posted On 3/20/2006
On March 20, 2006, Caprice L. Collins was recognized as Woman of the Year in a formal ceremony on the floor of the California Assembly. One of State Legislature's largest events, the celebration honors 80 remarkable women who have made sufficient contributions to their respective Assembly districts. Following the ceremony, Attorney Collins representing the 51st District, joined First Lady Maria Shriver at a special reception at the California State History Museum. The museum features a special exhibit on extraordinary California women, including photographs and biographies of the 2006 Woman of the Year honorees.
Attorney Collins Raises Over $1.5 Million Through Seminars for Non-Profit Organizations and Faith Based Institutions
Posted On 3/8/2005
Since January 2005, Attorney Caprice L. Collins has assisted numerous non-profit organizations in receiving over $1.5 million in charitable bequests. Since the beginning of the year, Attorney Collins has made dynamic presentations on Estate Planning and Charitable Giving topics to churches, employee groups, support groups, civic organizations and other non-profit organizations including Holman United Methodist Church, City of Angels Church of Religious Science and the American Cancer Society.
Medi-Cal Planning and Long Term Care Options Seminar presented on February 26, 2005 was a Success!
Posted On 2/26/2005
Attorney Caprice L. Collins, Barry Rosenfeld of Wealth Planning Partners and Mark Jansen of Money Guard made an exciting presentation on how to avoid losing your home and assets to Catastrophic Illness and Nursing Home Expenses; avoid Conservatorship If You Become Ill Or Incapacitated; Reposition Your Assets So that If Long Term Care Is needed, you’ll be entitled to Government Assistance More quickly and the New Options in Reverse Mortgages & Long-Term Care Insurance Thank you to all of those who attended the Seminar at the Proud Bird Restaurant. The event was attended by over 40 Clients, Health Care Professionals and Social Workers.
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