The years leading up to retirement are often when adults start thinking about their legacies. Even those who have never bothered with estate planning before may decide to draft documents when they know they may soon leave the workforce. The need to live on a fixed...
Estate Planning
3 ways to address a business when estate planning in Colorado
A business could be someone's greatest source of pride, other than their loved ones. They may have dedicated years of their life toward the creation and expansion of a successful business enterprise. When such people start thinking about retirement or even what may...
Planning to leave an inheritance to young children
Trying to give children every advantage in life is the prerogative of most modern parents. They procure medical treatment for their children as necessary and enroll them in school. They probably dream of watching their children start careers or families in the future....
What must Colorado residents do to properly fund a trust?
Trusts are not as common as wills, but more people use them now than in years past. Many people now recognize that a trust can benefit those with unusual family circumstances, not just those with millions of dollars of personal property. Unless someone is already...
3 parties that don’t have rights if someone dies without a will
Putting together a will might seem frustrating or morbid. People can find countless reasons to delay or outright avoid the process. Some adults delay for so long that they die without any testamentary documents in place. Whatever assets they have in their name at that...
Unequal bequests are on the rise
People sometimes assume that bequests in an estate plan are going to be equal. If someone has multiple adult children as their closest direct heirs, for example, those children may all expect to get a similar inheritance. In most cases, this certainly is true, but...
When should a business start succession planning?
If you’re a business owner who is considering your estate planning, a major focus of this process may be business succession planning. You have to decide what is going to happen with the business in the event of your sudden incapacitation or death, as it’s probably...
Can you be too young for estate planning?
People often associate estate planning with elderly individuals. For instance, a middle-aged person may remember hearing their parents talk about writing a will or getting an inheritance from their grandparents. They know that this is something that people do as they...
What is a revocable trust and what are its benefits?
A revocable trust is an estate planning tool, also known as a "living trust." The purpose of this legal document is to transfer ownership of your assets while you are still living and of sound mind. Revocable means that the creator of the trust (the "grantor") can...
3 mistakes people make when selecting a guardian in their wills
Choosing a guardian for young children is probably the most important estate planning step for parents. If anything happens to a child’s parent(s), the guardian that they name will assume responsibility for that child and manage their resources until they reach...