Chayet & Danzo, LLC Chayet & Danzo, LLC
Call for a Free Initial Consultation
Direct 303-872-5980
Toll-Free 888-472-1088
Email Us
Compassion, talent and dedication: guiding colorado families and Their Trusted Advisors During Times of Need

Dual income, no kids: 3 Estate plan essentials

Families have changed since the 1950s when the dream included a stay-at-home spouse and two or three children. Fast forward to 2017 and more variety exists in the shape and size of an ideal family. 

For more couples with a focus on dual careers, fertility issues or innumerable other factors, children are not a part of the plan. Women with university and graduates degrees are less likely to have children that those with only high school diplomas according to YaleGlobal.

In this post, we want to cover three issues that can come up for some of these couples. 

Powers of attorney/health care directives for incapacity

A financial power of attorney and health care directives are thoughtful documents that designate authority to a trusted person to step in if you even become incapacitated. For power couples in their 30s to 50s who feel unstoppable, it’s still important to consider that the unexpected from a debilitating auto accident to a cancer diagnosis rarely comes with advance notice.

Individual circumstances are unique. These forms must be tailored to be effective.

Charitable giving goals

Another facet of an estate plan is designating who should receive gifts from your estate. A charitable remainder trust can be an effective tool. It allows you to live off assets with in the trust until death. Then the remainder is gifted to a charitable cause you feel strongly about and want to support into perpetuity.

Protecting a partner

Along with changing family structures, more committed couples are foregoing marriage . The number of unmarried households continues to increase. From 1993 to today, the numbers have gone up by 133 percent.

If one partner dies or is incapacitated it can lead to problems when there is estate plan in place. Privacy laws could restrict a partner from getting information or making crucial medical decisions. Dying without a will in Colorado means state intestacy (default) statutes kick in to determine who inherits what.

Starting a conversation can be is tough, but there is peace of mind that comes once an estate plan is complete and in the filing cabinet.

No Comments

Leave a comment
Comment Information

Watch Our Firm Video

We are the premier Elder Law firm in the Colorado region. We set ourselves apart from other law firms in the area with our talent, dedication, compassion and ability of our attorneys to handle any case in Elder Law. We serve Colorado families with experience and dignity in your time of need.

View More Videos

Denver Office
650 S.Cherry St., Suite 710
Denver, CO 80246

Toll Free: 1-888-472-1088
Phone: 303-872-5980
Fax: 303-355-8501
Denver Law Office Map

Edwards Office
105 Edwards Village Blvd.
Edwards, CO 81632

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Edwards Law Office Map

Aspen Office
600 East Hopkins Avenue
Suite 301
Aspen, CO 81611

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Aspen Law Office Map

  • Rated by Super Lawyers Macro Chayet
  • Rated by Super Lawyers Frank J. Danzo, III
  • Member National Academy of Elder Law Attorneys, Inc. TM
  • Avvo Rating 10.0 Superb Top Attorney Elder Law
  • 2015 Five Star Professional Wealth Manager Multi-Year Winner
  • Our new 2015 Medicaid Book: how to protect your Family's Assets from devastating nursing home costs
  • Proud Sponsor 2015-Denver Colorado Senior Law Day
  • Peer Review Rated For Ethical standards & Legal Ability TM Martindale Hubbell
  • Haystack