Planning for incapacity is easy to put off, but important to address. If you lose the ability to decide medical care issues on your own because of illness, accident or age, having the appropriate legal documents in place allows someone you trust to make those decisions on your behalf. If you don’t make medical care arrangements in advance, then estranged family members, doctors, or judges may have to make the decisions for you.
Real estate is frequently the most valuable part of an estate. It is important to know how your property is titled when estate planning to determine how to ensure that the property transfers to your desired beneficiaries. Property is titled in many different ways reflecting various types of ownership. Consequently, property can be titled in such a way as to avoid probate.
Estate planning is for all members of the family – even the furry ones. Don’t forget your pets in estate planning. One way to take care of pets in estate planning is through a pet trust. Although often an overlooked part of an estate plan, ensuring that your pet will be taken care of after you die is important. Sixty-eight percent of American households have pets. Under the law, however, a pet is considered property. So in a worst case scenario, the lack of a pet trust could lead to the unintended placement of your beloved pet into a shelter. You can create a testamentary trust that is
Colorado falls under the Uniform Probate Code which makes Colorado law consistent with that of some other states. Probate refers to “proof.” In the context of probate, proof relates to the form and content of wills. In a practical sense, probate has a broader application and applies to the activities involved in carrying out the wishes of a Testator or Testatrix (maker of a will) as set forth in a will, or the activities that occur to administer an estate in cases where there is no will.
It is important to have a plan to protect your heirs should something happen to you. Although putting together an estate plan may be something easily put on the backburner, having a plan will benefit you and your heirs.You should start with a will or trust document so that you choose to whom your assets will be distributed. If you die without a will, then the state decides how your assets will be distributed and that distribution may differ from what you would have decided. In addition to a will, you can provide detailed information in a Memorandum For Distribution of Tangible Personal
As a family business begins to plan for its longevity, a buyers/sellers agreement can play a very critical role. These agreements provide a thorough description of how ownership will transfer at the time of the death or incapacity of the business’s owner. While buy-sell agreements provide a deal about how the heirs of a deceased or disabled owner will receive assets from a company, clients often wonder whether they need a buy-sell agreement. The answer this question is that these agreements are suggested for any small or mid-sized company that has more than one owner. Also, in situations
How the state of Colorado treats terminal illness with the new end of life law is about to change significantly which results in a substantial change to estate planning. The End of Life Options Act was certified by Governor Hickenlooper at the end of 2016. This law makes it legal for a terminally ill, mentally capable adults can obtain life-ending medication. The law also makes it legal for health care providers to prescribe the medication and for pharmacies to fill prescriptions.
In a recent case of severe abuse of power of attorney against a vulnerable adult, a man was sentenced to four years in prison. The individual pleaded guilty to stealing more than $600,000 from his mother who has acute dementia and had no way to understand that her son was taking the money. The man liquidated many of the woman’s bank accounts and proceeded to spend the woman’s money. The exploitation of the woman’s money continued over the course of eight years in this example of abusing power of attorney.
An increasing number of business owners in the baby boomer generation are planning to transition out of their business. If an individual has their retirement savings connected to a business and there is a delay in selling or an individual is not sure about how to obtain the full amount from a business, retirement could be postponed or sometimes not even possible. A buyers/sellers agreement or business succession plan can prove to be particularly important for baby boomers who are interested in retiring. For individuals who are interested in retiring sometime soon, it is often a wise idea
Many younger individuals believe that they do not need living wills, because they are young and healthy. Despite the invulnerable feeling of youth experienced by many individuals, there is still the unfortunate possibility that a young person could fall ill or become seriously injured and require the assistance of estate planning tools. By taking the time to consider the purpose of advance planning documents at a young age, individuals can prepare in case the worst scenario does happen. A seasoned estate planning attorney is best able to help a younger individual make sure that proper