There are many kinds of trusts that you may want to consider as you begin estate planning, but there are a couple that are more commonly used than others. These include: · Charitable trusts · Life insurance trusts · Irrevocable trusts These trusts...
Estate Planning
What impact does a spouse’s elective share have on a last will?
A last will or estate plan is a tool that lets someone control who receives their property when they die. An individual creating a last will can get as creative as they want with how they distribute their property, as long as they abide by state law and have enough...
What’s the fastest way to set up a will?
A will is a legal document that helps you distribute your assets following your death. A will allows you to give direction to those you’ve left behind and state your wishes. Most people need a will. If you’re over the age of 18, then you should already have one. Some...
Dying intestate may result in a distribution of assets you don’t agree with
When you pass away without a will, it’s called dying intestate. When you die in this way, the state laws kick in and determine how your estate is handled. The intestacy succession laws in Colorado may not be what you expect, and they could negatively impact the...
Do your parents have an estate plan and last will in place?
Children tend to trust that their parents have their lives together. Your aging parents are already well into their retirement, so you probably assume that they have long since taken stock of their financial circumstances and made plans for the end of their lives....
Mental illness, addiction may impact your estate planning
Any time you’re dealing with your estate plan, you need to think about your beneficiaries and what you’re leaving behind for them. If you have relatives or children with mental illnesses or addictions, then it’s vital to approach estate planning while discussing those...
Some things don’t go in a will
Drafting a will is always a smart idea. It serves many purposes, including designating where assets go, the guardian of young children and other vital details. There are, however, some crucial assets, details and arrangements that should not go into a will. These...
Estate planning can prepare adult children for their inheritance
Some with large estates worry that a large inheritance can hurt rather than help loved ones. People have different attitudes about money: should it be saved, spent or used for a purpose, such as supporting a non-profit or cause? With this in mind, parents can take...
Passing a business to all the kids can be a mistake
Parents often take great pains to avoid the appearance of favoritism towards individual children. This can help prevent feelings of insecurity, resentment or other issues. But preventing the appearance of favoritism can be misguided if it involves dividing a family...
Estate planning for blended families
Parents who remarry embark upon a big new adventure. Ideally, they will have a wonderful and fruitful marriage with the kids mixing it up like the Brady Bunch. But while a new love and an expanded family are now a fact of life, it is smart for you and your spouse to...