During the recently completed session, the Colorado General Assembly created a new estate planning tool. It will allow you to designate a beneficiary who will receive title to your vehicle when you pass away.
When it comes to windfalls of any kind, Uncle Sam usually has his hand out. But there are ways for Colorado residents to limit the taxes that heirs have to pay on any legacies they receive.
When parents die, their adult children not only must deal with their grief, but also tend to the practicalities of arranging their funerals and handling matters of their estates. Some Denver residents may be shocked to learn that one or both parents died heavily indebted.
Any individual in Denver, Colorado, who has assets or a legacy to pass on to loved ones should carefully consider how wills and other estate documents are written. Failure to make wishes known and set expectations about how assets are handled could result in future disputes between heirs. According to recent news reports, disputes have been the norm for the three surviving Martin Luther King, Jr. heirs.
The life of a new parent, while often rewarding, can also be incredibly hectic. Between feeding, changing and scheduling, every day that a new parent spends with their young children can be challenging and overwhelming. New parents in Colorado and all over the country may find it difficult just to get through each day, let alone planning for when their children are grown. However, young parents might find it beneficial to do some estate planning even when their children are very young. Creating a broad plan when the children are still young could prevent some confusion and turmoil should anything happen to one of their parents. Also, performing some estate administration could set some clear goals for the children that the family can help them achieve, as well as setting them on a positive trajectory.