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It’s easy to put off estate planning until tomorrow or later in life, but unexpected events can occur anytime, and tomorrow is never guaranteed. When unexpected events happen, having a well-thought-out and legally binding estate plan can make all the difference for you and your loved ones.
When you meet with a Denver estate planning attorney at Colorado Estate Matters, we’ll work to create a complete estate plan that can be as simple or complex as you need. Still, it will typically include a minimum of the following: a will or trust, powers of attorney, and a living will.
At Colorado Estate Matters, Ltd., our team of Colorado estate planning lawyers is dedicated to helping our clients create comprehensive estate plans that fit their unique needs and goals to ensure that they will be carried out exactly as intended. Contact us online or at (303) 713-9147 to schedule your consultation.
An effective estate plan should encompass the following key elements.
Here you can outline directives for managing your care and financial matters in the event of your mental and/or physical incapacity.
Provide a framework for seamless business transfer, whether upon retirement, disability, incapacity, or death.
Designate a guardian for the care and inheritance management of your minor children.
Address the financial needs of family members with special requirements, ensuring their eligibility for government benefits remains unaffected.
Cater to the financial well-being of individuals who may struggle with money management or require protection from creditors or potential divorce situations.
Strategically minimize taxes, court expenses, and unnecessary legal fees by funding assets into a living trust, updating beneficiary designations, and aligning assets with the overall estate plan.
Estate planning is a continuous and evolving process rather than a one-time occurrence. Regularly review and update your plan to adapt to changes in family dynamics, financial circumstances, and legal changes throughout your lifetime.
When a person dies without a will in place (intestate), their assets are subject to Colorado’s laws of intestate succession, which include a very specific set of instructions, that may not follow the decedent’s wishes which could leave their loved ones frustrated, angry, and disappointed. This process is often more complicated and more expensive for their heirs than if they had taken the time to create an estate plan.
In contrast, when a person dies with a plan in place, their assets are distributed according to the wishes laid out in their documents. This allows them to have control over what will happen to their hard-earned assets and have peace of mind for their loved ones after they’ve passed.
A good Denver estate planning attorney will tell you that you don’t need to have significant assets to benefit from a solid estate plan.
For example, if you have minor children, you should name a guardian who will care for them in the event of your death. You might want certain sentimental items to go to specific family members or friends, something that might not be achieved if not for a will. You might have specific wishes for your medical care if you’re no longer able to make those decisions.
Trusts, health care directives, assisted living plans, and powers of attorney are all part of estate planning and are all customizable to fit your specific needs. Working with our estate planning lawyers will help ensure that you choose the right tools for your unique circumstances.
Consider estate planning for numerous compelling reasons. Collaborating with an attorney to reorganize your assets can yield several advantages for both you and your loved ones. Below are just a few benefits.
Ensure your assets land in the intended hands. Even if your estate is modest, without proper planning, uncertainties arise: Disputes among family members may jeopardize your wishes, or the court may not align with your preferences when left to decide without your guidance. A clear will is essential to specify your desires, securing the welfare of your loved ones posthumously.
Estate planning allows you to designate a guardian who shares your values. Engage in open communication with potential guardians to ensure their willingness and suitability for the responsibility. Failure to name a guardian leaves the decision to the court, potentially subjecting your children to guardianship arrangements contrary to your wishes.
The IRS can significantly diminish asset values through state and federal taxes, but estate planning provides avenues to prepare for and mitigate these tax implications. Strategies such as gifting, charitable donations, and Irrevocable Life Insurance Trusts can be explored and tailored to your circumstances. Consulting with an attorney is crucial to understanding the options to minimize taxation on your estate.
Posthumous disputes over asset distribution can strain family relationships during a challenging time. A well-crafted legal document detailing estate distribution minimizes the potential for arguments. By clearly stipulating asset recipients, you can preserve harmony within your family and preserve relationships even after your passing.
While anyone can benefit from an estate plan, certain groups need one most pertinently. If any of the following describes you, don’t wait to consult with a Colorado estate planning attorney:
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Whatever your situation, having a comprehensive estate plan in place helps reduce financial and familial risk in the future. A Denver estate planning attorney from our firm would make sure your complete estate plan includes:
The compassionate team of lawyers at Colorado Estate Matters, Ltd. has the know-how to help you easily navigate the estate planning process.
When you work with a reputable estate attorney in Denver, you can be confident that your documents will be prepared based on your wishes and in compliance with Colorado law.
If you’re concerned about the cost of long-term care, we can help you develop an assisted living plan, also known as a long-term care plan, which can help ensure you can afford the care you need without depleting your life savings. This can involve anything from purchasing long-term care insurance to creating a trust to pay for your care.
The cost of care for disabled people can be significant, and conventional health insurance often doesn’t cover these costs. Medicaid can help you pay for care should the need arise, but it has strict eligibility requirements, so proactive planning is essential. Our attorneys can help you prepare for the possibility of disability and ensure that you’ll be able to access the care that you might need.
You can establish a financial power of attorney, a medical power of attorney, or both, giving another person the legal authority to make decisions on your behalf. This can be helpful if you become incapacitated and cannot make decisions independently.
An advanced healthcare directive is a document that allows you to express your wishes regarding your medical care if you cannot communicate them yourself. This can include everything regarding your preferences for end-of-life care, being resuscitated, or whether or not you want your organs donated.
A life insurance trust is created to own a life insurance policy but with extra potential benefits, such as keeping the policy proceeds out of your estate for tax purposes and better controlling how the proceeds are used.
A trust is a legal entity that can own property and assets on your behalf. A revocable trust can be modified or dissolved at any time as long as you are alive and competent. On the other hand, an irrevocable trust cannot be modified or dissolved once created.
A will is a document that describes how you would like your property and assets to be distributed when you die. A testamentary trust is a trust that’s created by a will and can be used to provide for minor children or disabled adults or to control how your assets are distributed after your death.
A special needs trust is uniquely crafted to support individuals with disabilities, providing them with supplementary financial resources while preserving their eligibility for crucial government benefits like Medicaid and Supplemental Security Income (SSI).
Suppose you’re concerned about the possibility of losing your assets to creditors or lawsuits. In that case, our asset protection planning services can help you shield your assets from unexpected legal claims while still allowing you to access them if you need them.
It is understandable why a relative might contest estate planning decisions, especially if they believe they deserve a larger estate share. This dissatisfaction often prompts fraudulent attempts during the estate planning phase and the probate process following an individual’s death.
The invalidation of a fraudulently-executed will occurs during the probate process, necessitating potentially prolonged litigation to establish the will’s validity. Here’s how our Denver estate planning attorney can protect you against estate planning fraud.
Your will, a crucial legal document outlining asset distribution without named beneficiaries, must reflect your true wishes. Estate planning decisions, especially those perceived as unfavorable by relatives, may lead to fraudulent attempts during the planning process and subsequent probate proceedings.
A fraudulently executed will may be deemed invalid during probate but only after lengthy litigation to ascertain its validity.
Frequently, the responsibility of settling an estate and distributing its assets is entrusted to a fiduciary, an attorney, a trustee, a personal representative, an administrator, or an executor. This fiduciary assumes a position of trust and is accountable for holding and managing the property belonging to the beneficiaries.
This entrusted role carries specific legal obligations to the estate’s beneficiaries, including duties of care and loyalty. In the capacity of a personal representative or administrator, a fiduciary duty represents a legal obligation to act in the best interest of the estate’s beneficiaries. Colorado law outlines several responsibilities and duties for these individuals, encompassing the following.
When a personal representative or administrator breaches these duties, initiating legal action may become necessary to recuperate financial losses and hold the fiduciary accountable for the damages resulting from the breach. Breaches take many forms, including:
If a breach is established, the court can order various remedies, including fee forfeitures and removal of the fiduciary for breach of duty. Protecting against fraud requires vigilance and understanding of legal rights in the estate planning and administration processes.
The future is impossible to predict, but proper estate planning can help you be prepared for whatever might come your way.
If you’re ready to move into your future with the peace of mind that you and your estate will be handled appropriately should an unfortunate situation arise, contact our Colorado estate planning attorneys. To schedule your consultation, contact us online or call (303) 713-9147. We look forward to serving you.