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.
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 created during the lifetime of the grantor (person who establishes it and puts their assets into it) and is “revocable” because the grantor can modify or terminate it.
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 experience can help to guide and provide food for thought to a grandchild, who can in turn support their beloved elder as they age.
Bequeathing a home for children? Consider the following.
Homeowners will likely, at some point during home ownership, discuss the future transfer of their property. When it comes to this form of estate planning, different options can have different consequences. The following will focus on some of the more common tax consequences of frequently used methods:
Should you get a trust in 2020? 3 FAQs to help you decide.
Estate planning is intimidating. Once you start an initial conversation about putting together a plan you may find yourself overwhelmed by all the options to consider. Should you just get a will, or should you consider having a trust, too? What exactly is a trust anyway?
Part II: Is a living trust right for you?
As regular readers of our Denver estate planning and elder law blog know, we recently dove in this space into the subject of living trusts.
Part I: Is a living trust right for you?
One of the very first and most important things you do when creating an estate plan in Colorado is to identify your goals. For many, the goal is two-pronged: they want to protect their assets while they are alive and they also want to pass on assets when they die.
Revisiting Colorado special needs trusts
March 21, 2019, is World Down Syndrome Day, followed by World Autism Awareness Day on April 2. According to the CDC, almost 17 percent of Colorado adults have some kind of disability and 7.7 percent of adults have cognitive impairments.
Caring for Fido if you become incapacitated or after your death
Dogs, cats and other companion animals are important members of many Colorado families. Beloved pets also commonly provide companionship and meaning in the lives of elders. Those who love their furry family members should be aware that they can take legal steps to provide for care of pets if owners become too ill or injured to provide pet care themselves and even after owner death.
The living trust as a Colorado estate planning tool
At our law firm, we use a full range of estate planning tools to customize estate plans for the needs and goals of everyone we represent. One important tool to have in the toolbox is the revocable living trust, called an RLT for short.
