In part 1 of this post, we talked about the importance of taking inventory of your digital assets and making long-term decisions about what you want to happen to each one, either before or after your death. We also discussed the kinds of digital assets that people have, some with monetary value, others with sentimental value and some with private content. Obviously, there are many personal considerations when you make decisions about this kind of property.
The changing landscape of estate planning for digital assets, part 1
In developing a comprehensive estate plan, one major issue is to see that your family members or the personal representative of your estate will be aware of the scope of your digital assets. Otherwise, they would not know where to look beyond the usual resources like photos on a mobile phone or a personal email account.
Budget crunch heightens importance of disability planning
For parents of adult children with special needs, long-term security is often an ongoing worry. You want to make sure your child receives the proper health care, assistance with daily life and financial support – not just right now, but for many years to come.
Special needs planning provides families clear solutions and peace of mind. An ongoing services shortage coupled with an abrupt budget crunch make proactive planning more vital than ever.
Federal bill would reimburse elderly victims of financial abuse
A bipartisan push is underway to add financial relief to elderly victims of scams related to the coronavirus pandemic to the next federal COVID-19 relief bill. Colorado Attorney General Phil Weiser, along with almost all other state and territorial attorneys general, signed a letter under the sponsorship of the National Association of Attorneys General (NAAG) to congressional leadership urging them to add “Edith’s Bill” to the larger coronavirus relief legislation package when passed.
We recently described in this space current threats facing elders and other vulnerable people from criminals seeking to fraudulently obtain Medicare numbers and other personally identifiable information in a variety of scams related to COVID-19.
Caretakers of elderly people should know about COVID-19-related fraud
Guardians, conservators, family members, trustees and others who care for elders, those with disabilities and other people with vulnerabilities are wise to understand and be prepared to put protections in place against fraudulent scams related to COVID-19. Financial exploitation is a common form of elder abuse that seems to morph with current events. Our elders are more susceptible to scams and undue influence, and currently, scammers have come up with a variety of coronavirus scams.
Understanding the key responsibilities of a conservator
When a loved one is aging or battling an illness and needs additional help, Colorado law provides numerous legal avenues for support. Among these options is conservatorship, a role that requires appointment by the courts.
A conservator is, broadly speaking, legally responsible for handling the financial affairs of an individual who is unable to do so themselves. Oftentimes this protected person is an adult with an impairment or incapacitation. While conservatorship can be a helpful tool, it is vital that an individual taking on this role knows exactly what is being asked of them.
Colorado lawmakers stress data privacy in new virtual notarization law
Since March, when Americans started taking safety precautions to prevent the spread of the coronavirus, many business and personal interactions have moved online to minimize face-to-face contact. Many states – including Colorado – reacted by issuing emergency rules to allow remote online notarization (RON).
5 things that can go wrong with beneficiary designations
Just about everybody owns an account or policy that requires a designated beneficiary. Such a designation allows you to choose who receives the funds upon your passing. Importantly, these assets then don’t go through the often-complex probate process.
While this all sounds quite simple, in reality, a lot can go wrong with a beneficiary designation. Here are five examples.
Britney Spears asks LA court for changes in her conservatorship
“Say hello to the girl that I am
You’re going to have to see through my perspective
I need to make mistakes just to learn who I am
And I don’t want to be so … protected
There must be another way
Cause I believe in taking chances …
But my life has been so overprotected”
These are some of the lyrics from the Britney Spears 2001 hit “Overprotected,” which was nominated for a Grammy and featured in her movie “Crossroads.” Her song about living an overprotected life seemed to foretell that seven years later in 2008 a California court would appoint her father James “Jamie” Spears and Andrew Wallet, an attorney, as conservators to protect her personal and financial affairs – she is worth millions – after her mental health problems impacted her ability to manage her life.
The benefits of a buy-sell agreement in succession planning
Business owners often face a bit of a dilemma. They can’t imagine themselves no longer being involved in the company and are reticent to hand the reins to someone else. Still, they want to see their economic legacy continue long into the future, supporting generations to come.
A succession plan often provides the peace of mind – and answers – many business leaders value. These plans often include stipulations for what will happen to your ownership interest. A buy-sell agreement can help guide the way.
