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.
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.
As the quality of life around the globe has risen, so has the overall life expectancy. Average Americans are routinely living to 80, 90, even 100 years of age. This is due in no small part to medical and technological advances like:
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.
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.
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.
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?
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 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.
Colorado residents who are looking for worthy recipients to list as beneficiaries of some or all of their assets after their death might want to consider the American Society for the Prevention of Cruelty to Animals.