A trust, when drafted correctly, can be an incredibly effective way to leave assets to your heirs. Among other things, it provides you with an unprecedented level of control over the money you leave behind. However, you have to be careful not to take this control too...
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Trusts
Do you want to include the house in your special needs trust?
Properly funded and structured with a responsible adult as trustee, a special needs trust could protect a loved one for life. Whether you have a child with special needs or an adult family member incapable of living independently, a trust can support them without...
Is an irrevocable or revocable trust best for your needs?
A person who has assets to pass down to their heirs and beneficiaries can sometimes do that in a will. However, many people opt to use trusts because they can bypass the probate system. The individual who creates the trust can set certain terms for the disbursement by...
3 inheritance risks that are higher for kids with special needs
An inheritance can be a wonderful thing to leave for your children and other people you love. However, especially for larger estates, an inheritance can be as much of a challenge as it is a blessing. Anyone might struggle with receiving a significant inheritance after...
Could your heirs benefit from a spendthrift trust?
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...
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...
Trusts can help you control how money is spent
The writer Ralph Waldo Emerson once said, “Money costs too much.” A quick scan of the tabloids or celebrity gossip columns would back him up. They are full of tales of people who inherited vast sums of money, which they did not have the maturity to handle....
Consider whether your children should get different legacies
One of the main decisions in estate planning is what to leave to your children. Many Coloradans know almost automatically that they just want to split things equally. But even that is sometimes more complex than you might think. Potential for sibling dissension For...
The revocable living trust as a Colorado estate planning tool
Revocable living trusts – or RLTs – are flexible estate planning tools that facilitate the smooth transition of property and asset management in case of incapacity as well as allow families to avoid the probate process in state court. The RLT is “living” because it is...
The unique gesture of a bequest or gift to a grandchild
Some grandparents and their grandchildren have uniquely special and strong relationships, which can bring happiness and love to both parties. Both can grow from the intergenerational exchange of ideas and outlooks. Often, a grandparent’s wisdom and life...