The divorce rate amongst those over the age of 50 is on the rise. This poses a unique set of issues, including the impact of the divorce on estate planning. Three specific ways divorce can impact estate planning considerations in these situations include:
What happens if you die without a clear estate plan?
Putting together an estate plan can help to reduce the risk of conflict when it comes time to manage a loved one’s estate. The creator’s plan can provide loved ones with guidance on the distribution of the assets within the estate.
Nearly 250,000 aging Coloradans lack crucial health instructions
One of the things we must consider as we age is our medical care preferences. Are there procedures or machines we are uncomfortable with? Are there specific treatments we prefer over others?
Revisit named beneficiaries on accounts payable upon your death
Part of a comprehensive estate plan is coordinating your account beneficiary designations with your will, trusts, gifting and other estate planning techniques. In other words, when you do your 2020 estate plan checkup, you and your attorney should sit down and look comprehensively at the wider picture of your wealth that includes life insurance, annuity and retirement account beneficiaries that you have designated.
CO doesn’t have an estate tax – but you still need to plan ahead
Many people involved in the planning of an estate share a big concern: taxes. After a lifetime of earning assets and building a valuable estate, how large of a bite might the Colorado government try to take? Well, there is some good news.
