Welcome, and thank you for visiting our website! Collins and Collins, PA is a small law firm specializing in estate planning, post-mortem estate and trust administration, and probate law. Our practice also includes wealth and asset preservation, planning for disabled (special needs) beneficiaries, family business succession planning, charitable planning, and mediation.
A well-crafted estate plan should provide for your loved ones in an effective and efficient manner by avoiding guardianship during your lifetime, probate at death, estate taxes and unnecessary delays. You should consult a qualified estate planning attorney to review your family and financial situation, your goals and explain the various options available to you.  Once your estate plan is in place, you will have peace of mind knowing that you have provided for yourself and your family in case the worst happens.
Irrevocable Life Insurance Trusts and a wide range of charitable gifting techniques to reduce Federal Estate Taxes, Gift Taxes, and Generation Skipping Transfer Taxes.Â
Another benefit of mediation is that it can be extremely quick when compared to a lawsuit. Lawsuits take at a minimum many months or years, and mediation takes less than three months on average. The court system is beginning to learn the benefits of mediation and many courts send thousands of cases to mediation each year rather than clog the dockets with cases that could be resolved with a mediator. Also, in many cases contracts between the parties in the case require that any dispute be mediated or arbitrated. This is common in construction disputes, medical malpractice cases and real estate purchase agreements.
You've worked hard your whole life to provide for your family and make your loved ones more secure. Without advanced estate planning strategies, much of the significant assets you have accumulated may end up with the IRS and state taxing authorities.
Wills
In order to contest a Will, one has to have legal “standing†to raise objections. This usually occurs when, for example children are to receive disproportionate shares under the Will, or when distribution schemes change from a prior Will to a later Will. In addition to disputes over the tangible distributions, Will contests can be a quarrel over the person designated to serve as Executor.
Trusts
Our law firm can help you set up a Special Needs Trust so that government benefit eligibility is preserved while at the same time providing assets that will meet the supplemental needs of the person with a disability (those that go beyond food, shelter, and clothing and the medical and long term supports and services of Medicaid). The Special Needs Trust can fund those additional needs. In fact, the Special Needs Trust must be designed specifically to supplement, not replace public benefits. Parents should be aware that funds from the trust cannot be distributed directly to the disabled beneficiary. Instead, it must be disbursed to third parties who provide goods and services for use and enjoyment by the disabled beneficiary.
Power of Attorney
If you become incapacitated, you won’t be able to manage your own financial affairs. Many are under the mistaken impression that their spouse or adult children can automatically take over for them in case they become incapacitated. The truth is that in order for others to be able to manage your finances, they must petition a court to declare you legally incompetent. This process can be lengthy, costly and stressful. Even if the court appoints the person you would have chosen, they may have to come back to the court every year and show how they are spending and investing each and every penny. If you want your family to be able to immediately take over for you, you must designate a person or persons that you trust in proper legal documents so that they will have the authority to withdraw money from your accounts, pay bills, take distributions from your IRAs, sell stocks, and refinance your home. A will does not take effect until you die and a power of attorney may be insufficient.
Probate
Collins & Collins, P.A., is a small law firm specializing in family wealth transfer, estate and trust administration, and probate law. Our emphasis is working with clients to create an estate plan that meets their specific personal objectives.