An irrevocable life insurance trust (ILIT) can both hold a life insurance policy and take the place of an outright distribution to beneficiaries. A major advantage of this type of trust is it allows you discretion to provide for special needs that might relate to the...
What happens to your Facebook profile when you pass away? Will your wide network of friends know? Who decides what happens to your account?Facebook recently launched a new service that allows a user to appoint a Legacy Contact who can access and modify his or her...
It seems unimaginable in your 30s or 40s. You may be so busy working long hours and raising young children, that the possibility of losing your spouse or partner never even crosses your mind. A tragic reminder came at the beginning of this month. Sheryl Sandberg, the...
Lifetime gifts can play an important role in estate planning. In 2015, the federal gift tax exclusion remained at $14,000 per donee. A couple with three children could give each child up to $28,000 in 2015 without tax consequences.Only about one-third of family-owned...
A recent New York Times article sums it up nicely – one of the first skills to go is the ability to handle financial matters. With age comes a greater risk of making costly mistakes or falling for financially abusive schemes. Recent census data indicates that about 45...
The general answer is yes, but it will depend on your individual situation. While beneficiary deeds are one tool for smaller estates, they cannot replace a comprehensive estate plan. In 2004, the Colorado legislature approved the use and creation of...
As difficult as it is to imagine, there might come a time in your life where you are unable to make important decisions on your own. This might be because of a sudden traumatic accident, or because of a slowly progressing condition like Alzheimer’s or dementia....
All parents want what is best for their children, and estate plans are often created with this goal in mind. For parents of disabled children, this need is especially pressing – most will want to ensure that their child’s quality of life will not be compromised after...
It can be a nightmare to suspect another family member, friend or caregiver is exploiting your elderly parents financially. When parents live nearby, it can be easy to verify whether your suspicions are warranted, but as is often the case, thousands of miles can...
The old saying goes that there are two inevitabilities in life -- death and taxes. In many states, death triggers yet another tax for the survivors of the deceased.But Colorado residents are lucky to live in a state that no longer collects estate taxes. Changes...
