As you contemplate your estate-planning process, one potentially useful tool you might ponder is a spendthrift trust. While not everyone will need to include this estate-planning tool, those who do need one find them to be a good way to protect beneficiaries from...
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Month: January 2021
What is a financial power of attorney?
There are many components in a comprehensive estate plan. While many people think about the will and trusts, the power of attorney designations should receive equal attention. As part of your estate plan, you need to establish a financial power of attorney...
How planning can help you enjoy your golden years at home
Multi-generational family homes do exist, but they are far less common than they were years ago. Most households contain only one or possibly two generations of family members, with children usually moving out as soon as they achieve financial independence. Although...
3 things to remember when selecting your medical power of attorney
When you’re selecting your health care proxy, which is also known as your medical power of attorney, it’s a good idea to make sure you select someone you trust and know will make good decisions on your behalf. There are many characteristics that make someone a good...
Not all wills are created equal
Creating a will is pointless if a court will not uphold it. Each state has different laws regarding what they consider a valid will. What conditions must I meet for a will to hold up in Colorado? For your will to be valid in Colorado, you must comply with the...
What is involved in executing an estate?
One of the most important things to consider when creating an estate plan is who to name as your estate executor. It is a big responsibility with potentially minimal reward. You could choose a family member or friend. Alternatively, you could opt for someone who does...
What happens if someone is given conservatorship over me?
As a child, you probably dreamed about the day you became an adult and escaped your parents’ authority. Once you turned 18 years old, you could make your own decisions on how you spent your money and what you did with your life. However, a court could decide to take...
How would a special needs trust benefit my child?
If you have a child with special needs, you need to take extra steps to ensure that they will be well cared for if you die or become incapable of looking after them. While this is important for any parent, the fact your child may need assistance for the rest of their...
What should you do with your primary residence in your last will?
Owning your own home is a cornerstone of the American dream. For many American adults, it can take a lifetime of hard work to purchase and then pay off a house. Homeownership is probably something you feel very proud about. Your home also represents a valuable asset...
Succession planning: How many businesses make it to the next generation?
Your goal for your company is simple: You want to leave it to your children. You want it to remain a family-owned business. You’re not interested in selling it and putting the money into your estate plan. You want the children to keep running it, both because of your...