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.
Unanticipated medical expenses and estate planning: 5 FAQs
Being retired and having assets to pass along is fortunate. But large, unexpected medical expenses can really start to drain even the most well-managed wealth.
Updating an estate plan: when is it time?
Life doesn't stand still, either abstractly or concerning estate matters.
Special needs trusts, pt. 2: putting the right tools in place
In our post last week, we discussed the acceptance phase when you first learn a child or grandchild has special needs. This post is a reminder on the various tools – both old and new – available to ensure financial resources are in place without affecting government benefit eligibility.
Special needs trusts, pt 1: realizing your child needs extra care
For a parent or grandparent, the realization that your child or grandchild has special needs can be difficult to accept.
A pet care trust protects a trusty companion
Planning for a pet can be overlooked in the estate planning process. Here is a question though: Do you know who would care for your dog, cat, horse or other beloved animal? Would this person have the resources to pay for associated costs of care?
When a diagnosis changes hope for a child's future
What is behind a teenager's sudden refusal to go to school or the unusually "silly" behavior of a pre-schooler? A diagnosis "on the spectrum" at any age often raises more questions than answers. A hoped-for future may start to look different.
Death tax on life insurance benefits
Life insurance plays a vital role in many estate plans. It provides salary replacement for a family if a heart attack or tragic car accident takes the life of a breadwinner. These policies may also be a part of a business or ranch/farm succession plan.
Part III: Transferring property to a trust
In our series on trust basics, we have talked about formation documents as well as the different types of trusts and their purposes. Once you have completed all the up-front work and have a trust, you must fund it.
