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October 2014 Archives

Why create a special needs trust?

Some families in Colorado may be interested in establishing a special needs trust for their children's benefit. In some situations, a special needs trust can be a preferable alternative to other forms of trusts because it can allow someone to transfer savings to their child without compromising their ability to receive government benefits in the future. Special needs trusts can be created to take effect both during a parent's lifetime and after their death, and are also known as supplemental care trusts.

Revocable living trusts and wills

Although both types of documents are designed to aid people in distributing their assets according to their wishes, there are significant differences in how wills and trusts work. In some situations, a living trust is more advantageous, and in others, a will is the better option. There are a number of situations where the use of both kinds of documents is advisable.

What "hot powers" does a power of attorney confer?

For Colorado residents planning their estates, there may be concerns about empowering a representative to make certain legal or financial decisions as needed under certain conditions. While a power of attorney is used to designate such a representative, the type of power of attorney selected affects the types and timing of decisions to be made by that individual.

What are the benefits of care planning?

A Colorado resident or anyone else turning 65 has a 60 percent chance of needing long-term care. Statistics also indicate that 20 percent of people who reach age 65 spend at least two years in a nursing home. In many cases, people do not prepare because they believe that retirement isn't their most pressing financial priority. However, it is typically worthwhile to to have a long-term health care plan in place.

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