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January 2015 Archives

Benefits of special needs trusts

What if you have a loved one who is disabled or unable to care for him- or herself, and you want to make sure he or she is financially taken care of if something happens to you -- or you just want to put aside some money for him or her? This is when you should contact a Colorado estate attorney and set up a special needs trust. Whether your loved one is an elderly parent, a mentally impaired child or a disabled spouse, a special needs trust has some significant benefits when it comes to protecting assets you wish for them to have.

How to prepare for long-term care

As part of good estate planning, residents of Colorado may consider long-term care planning for themselves and their loved ones. Medicare, a government supplemental insurance policy that provides medical and hospital benefits for individuals who meet certain disability criteria, typically does not provide funds for long-term care services. Therefore, people may wish to consider alternative ways to provide for any future health care needs that could arise from a disability, injury or disease.

The importance of a living will for all adults

Some individuals in Colorado may think of estate planning as something that is only for older people, and this may be particularly true when they consider end-of-life care. However, a catastrophic accident or illness can strike anyone at any time, and a living will is one way to ensure that one's wishes are carried out even when one is too incapacitated to express those wishes.

How can a living trust be modified?

A trust may be modified under Colorado law for a number of reasons. Circumstances may change so that the trust no longer effectively carries out the wishes of the settlor. Terminating a trust early or modifying its terms is not generally a simple process. Modification is controlled by the wording of the trust itself. Any other document, such as a will, is not sufficient.

Important changes to know about estate tax in 2015

A new year is an excellent time for Colorado residents to take stock of their estate plans. Changes in federal tax laws can be evaluated to determine the potential impact on one's heirs. Additionally, this is an important time to make adjustments related to major life events that have occurred recently. In 2014, the federal government received nearly $13 billion in estate taxes, making closer scrutiny of one's plans a priority.

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