An estate plan needs to be a living set of documents that change with your life circumstances or they do no good.What can go wrong? An easy example occurs frequently with beneficiary designations. Failing to change a beneficiary after divorce could even leave a 401(k)...
Three Colorado sisters became co-trustees of a family trust when their mother received a diagnosis of dementia. They also had an equal vote when making decisions about her care. Disagreements about the sale of a home resulted in a legal battle. They could also not...
What is the difference between a guardian and conservator in Colorado? Can one person serve in both roles?A guardian makes decisions and is responsible for the protected person’s well being, while a conservator handles the person’s estate and finances. It...
Do you have a loved one who suffers from a significant disability? If you have a child with severe autism or a brother or sister with down syndrome, a special or supplemental needs trust can pay for additional expenses that Medicaid may not cover.Most people initially...
When does a Colorado probate court appoint a guardian? It is often in crisis after a parent suffers a sudden incapacitating illness or complications following a routine surgery that limit his or her ability to manage personal care.The family may then realize that no...
Life insurance and many retirement accounts pass outside of a will through beneficiary designations. However, brokerage accounts are different. They are usually one of the estate assets passed to heirs through a will.In our April 21 post, we wrote about transferring...
The CNBC survey found that more than a third (38 percent to be exact) of families with significant assets did not have an estate plan in place. Why is this? In part, it is because even successful and business savvy individuals can conflate estate planning with tax...
Delaware has become the first state to grant an executor (called a personal representative in Colorado) complete access to digital assets. These include email, online photos and documents in a Shutterfly, dropbox or other cloud storage account and social media...
The US Congress passed the Achieving a Better Life Experience (ABLE) Act in 2014. The law will enable people with disabilities to access savings accounts to pay disability-related expenses. The accounts will not affect Medicaid and Supplement Security Income...
An ad for luxury watchmaker Patek Philippe states, "You never actually own a Patek Philippe. You merely look after it for the next generation." This leads to the question - how do you gift valuable personal possessions through an estate plan?The focus of estate...
