Since same-sex marriage became legal in Colorado in October 2014, it may seem that legal matters related to the marital relationship like those concerning property, inheritance, children, medical decision making, visitation in hospitals and other similar issues are resolved.
Don't leave an estate mess for your loved ones to clean up
Why is it so important to leave a road map for loved ones after you are no longer able to make decisions or communicate your wishes? If you fail to put your wishes in writing, the state of Colorado will use a default (intestacy law) to determine what happens.
Communication is key for estate planning success
Obviously, the property-specific aspects of estate planning are very important. Thoughtful and knowing use of wills, trusts, lifetime gifts and charitable bequests will serve to protect your legacy and pass as much of your assets as possible down to your beneficiaries. Estate planning tools like trusts, long-term care insurance and Medicaid planning can also help you manage the sizable costs associated with the need for lengthy rehabilitation or assistance caused by age-related health issues, accidents, injuries or illness.
Part 1: Keeping a business in the family for generations
Small family-owned businesses, farms and ranches are what give Colorado character. They are a source of jobs for local people, give back to their communities and often pay the taxes that keep schools and public service funded.
Religious values and estate planning can go hand-in-hand
Some people may assume that, despite living a life congruent to their values and deeply felt religious beliefs, that their estate plan (being a legal document) cannot incorporate their ethical and moral considerations. Thankfully, that isn't the case. There are ways in which you can protect your assets and yourself through estate planning while still remaining true to your religion's tenets.
Charitable giving must be done with due care
An important part of estate planning for many people, particularly the wealthy, is philanthropy. Being able to leave a legacy behind for a beloved charitable organization or favored cause is a priority for these individuals.
What new parents need to know about Colorado estate planning?
This post was inspired by a recent memorial service. The young father was a wild land firefighter - a dangerous profession. You might assume he died in a fire, but that was not the case. A fatal car crash took his life. He left behind a wife and young daughter.
Executor fees: What is the default in Colorado?
While working on your will, you probably spent time considering who was best suited to settle your estate. You asked the close friend or family member if he or she would act as an executor of your estate. But did you discuss executor fees?
Be sure to coordinate your estate planning documents
The instruments of a good estate plan may be interrelated in several different ways. Estate planning elements such as powers of attorney, living trusts and death beneficiary forms often contain conditions that affect one another. If these elements are not in harmony with each other, it may lead to confusion and possibly litigation after your passing.
Planning for a loved one's medical crisis ahead of time
As the end of the year approaches, Colorado families will be starting to plan family get-togethers to celebrate the holidays. While certain conversation topics may be off-limits during these types of gatherings, family celebrations may actually be one of the best times to have a discussion that's likely uncomfortable but absolutely necessary - planning for when a sick or aging loved one can no longer make decisions for themselves. It's crucial to have this discussion before a crisis arises in order to prevent unnecessary pain and confusion.
