Estate planning isn't just about wills and trusts. Other tools can make the transfer of assets smoother and potentially more cost-effective. One such tool in Colorado is the Transfer on Death Deed. This instrument allows property owners to pass on their real estate...
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Estate Planning
3 tips to avoid estate disputes between heirs
Many elderly parents who are creating their estate plans make it a goal to avoid estate disputes or probate disputes among their heirs and beneficiaries. They may have heard stories of other families getting embattled in expensive disputes that last for months or even...
Today’s a good day to craft a digital estate plan
It isn’t often when individuals wake up and think, “Today’s a good day to complete some paperwork.” Yet, it remains critically important to engage in certain tasks that may not be fun or enjoyable. For example, the thought of crafting an estate plan is enough to make...
Why your special needs planning should include a letter of intent
If you have a minor or adult child with a disability or serious long-term medical condition, it’s crucial to set up a special needs trust (SNT) to help ensure that they’re cared for should you pass away or become unable to care for them. These trusts allow parents to...
Make informed choices: Understanding an executor’s duties
There is a lot an executor does other than just passing over an estate to its heirs. Their role is multifaceted, and understanding their duties is essential for making an informed choice when creating your estate plan. The person you appoint as the executor of your...
What type of trust is right for your needs?
A trust is a legal document that puts assets in the protection of a trustee. The trustee is then responsible for seeing that the assets are distributed to beneficiaries as instructed by the grantor in their estate plan. Unlike a will, there are many kinds of trusts....
3 ways to plan for real property in a Colorado estate plan
With the possible exception of businesses or investment accounts, real property is often the most valuable asset someone owns. Therefore, those preparing or updating an estate plan in Colorado often need to think carefully about what they will do with their home,...
How advance directives can complement your estate plans
While many people are aware of wills and trusts as crucial components of estate plans, they often overlook another essential element - advance directives. These legal documents can complement your estate plans in ways that add an extra layer of protection and ensure...
Important tips for special-needs trusts: Spending the money
Setting up a special needs trust for your adult child in your estate plan is an act of love. You want your assets to be used to enhance their life, without negatively affecting their entitlement to needs-based benefits like Medicaid or Supplemental Security Income...
When a springing power of attorney goes into effect
When you draft a power of attorney, you empower another individual to make decisions on your behalf in the event that you are incapacitated due to illness or injury. Generally, power of attorney designations are used for two specific purposes. A power of attorney may...