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...
Estate Planning
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...
Estate planning involves more than writing a will
Many assume that drafting a will covers all a family's estate planning needs. While a will is an integral part of the plan, experts recommend using additional estate planning tools. These can help better ensure that the estate is transferred smoothly and effectively...
How to hold title so that your home won’t pass through probate
Real estate holdings may represent the biggest individual assets that you have. The people that you love may have a significant interest in maintaining their ownership or residency in the home that you currently inhabit even after your death. Complications with your...
What assets can you use to fund a trust for your estate plan?
Some people think of trusts as tools only used by the super-rich in order to keep their family members from wasting their inheritance or to avoid paying taxes. While there is no question that a trust can offer substantial benefits for wealthy individuals planning...