Too often, individuals develop a comprehensive estate plan and then avoid revising it after a major life event. In general, the estate plan should be revised to include new assets such as a car, house or family business, or changing values such as a stock portfolio or...
Differences between irrevocable trust and revocable trust
There are many unexpected events that occur throughout people’s lives in Colorado. People try to plan for those types of events by having various types of insurance or having savings for unforeseen financial difficulties. People should also plan for passing as well....
Why younger people should create an estate plan
People in Colorado who are in their 20s and 30s might assume that they do not need an estate plan because they are young or because they are not wealthy. However, an accident or sudden illness can happen at any age, and an estate plan can protect you, your family and...
Effective estate planning with low interest rates in Colorado
Residents of Colorado should be aware of the historically low interest rates. When federal interest rates are low, it creates potential opportunities in estate planning. Using the market's current state may help yield greater results through grantor retained annuity...
Estate plans need to be reviewed on a regular basis
Creating an estate plan can help Colorado residents maintain control over assets and help to make sure that their final wishes are respected. However, it is important to review an estate plan regularly to ensure that it meets a person's needs in the years and decades...
Estate planning for business owners
Colorado business owners should give some thought to how to incorporate their businesses into their estate plans. For instance, a business owner’s trust should include a succession plan detailing who will oversee the business if something were to happen to the...
Should you have an estate plan?
Estate planning is not a hot topic for most people in Colorado. Despite how most people should have an estate plan, there are many who do not. Likewise, there are many who do not recognize the importance of estate planning. Forbes states that over half of American...
What is a pet trust?
As a responsible pet owner and animal guardian, it is up to you to provide for your pet after you are gone. But how can you know that someone is caring for your pet as well as you would? A pet trust assures you that a trustworthy person is carrying out your wishes...
Which is better, a living trust or testamentary trust?
As you consider what estate planning tools you want to use, you may feel that you should create a trust. You can create and manage a revocable trust now and benefit from it while you are alive, as well as becoming a source of income for your beneficiaries after you...
Why is estate planning so important?
If you have not yet begun setting up your Colorado estate plan, you should seriously consider getting started. Why? Because even if you are a young person who has yet to accumulate a lot of wealth, having an estate plan is your only way of ensuring that your wishes...
