An important component of any estate plan in Colorado is a strategy to account for the potential for estate taxes. Most people may view such an expense as inevitable, yet that is not the case. Per the Colorado General Assembly, the state has not collected estate taxes...
Year: 2020
What are the two main types of living trust?
Most adult Americans are familiar with the concept of a will. However, many people have no idea of the benefits associated with living trusts. While a will can do many things, there are some limitations. For this reason, many estate planners elect to have both wills...
4 times you should update your will
If you are like many Americans, you may not have taken the time to create a will yet. According to a survey released by Caring.com, only 4 out of every 10 people in the U.S. has a will or a living trust. A will lets you name a guardian for any of your minor children,...
What should you look for when choosing a guardian?
Even if you do not have much in the way of valuable assets, an estate plan is essential if you are a parent. You should choose a guardian to take care of your children in case you should die before they come of age. Obviously, you must choose a guardian who loves the...
The importance of choosing the right personal representative
Part of estate planning is naming a personal representative. This person administers aspects of the estate after the passing of the decedent. This role is vast and can be complex, depending on the situation. It is important that an estate’s owner takes the time to...
How can an estate plan improve your quality of life?
If you are thinking about setting up an estate plan, it is important to understand the different ways in which planning ahead and protecting your assets can benefit you now. For example, many people find a sense of freedom and feel relieved when they know that their...
Can you avoid probate?
People often put probate in a bad light, but it can be beneficial in many situations. However, if you want to avoid probate because you want your family to get the inheritance quickly or you do not want your business to become public record, then there are some things...
5 mistakes to avoid when it is time for an estate plan
Perhaps you suffered a minor injury in a traffic accident, which was enough to make you think seriously about your future and the future of your family. That chain of thought led to contemplating estate planning tools like wills and powers of attorney. Here are five...
How can you include pets into your estate plan?
In the U.S., the National Law Review claims that over half of American households have a pet. Despite pets being a huge part of people’s lives, they still forget to include them in the estate plan. If you have a beloved pet, there are pet trusts. What is a pet trust?...
Can I add my adult child on my deed?
Avoiding probate is often a main goal of estate planning. After all, if the law ties your assets up in probate, that means that your heirs will not have access to them. This can be stressful, particularly if you have people in your life who will depend on your estate...