While it is true that estate planning has become a topic of interest as of late, many people get bogged down in the details or think it is just too much work. However, in practice, most people actually only need three or four documents for an effective estate plan....
Estates may carry more in taxes under proposed tax change
Families who own homes and farms cannot elude taxes, only use tools to minimize them. One of the most effective means they employ to reduce their tax burden lies in the concept stepped-up basis. A proposal from the Biden Administration to eliminate this method of tax...
Steps to help a loved on navigate the estate planning process
After over a year of estate planning being a trending topic, we all know the importance of an estate plan. But, for those of us that have loved ones, like parents and older aunts and uncles, they may not similarly know. This is why many of our readers are looking for...
What is a power of attorney?
Making plans about one’s end of life estate can be complicated and difficult. Not all Colorado residents are familiar with the variety of legal tools that they can draft and execute to accomplish their testamentary plans. For this reason, many people choose to work...
Revocable and irrevocable trusts
Trusts are among the most powerful instruments available in estate planning. They can be customized for many purposes, including protecting assets, providing for loved ones and charities, and protecting vulnerable children and adults. Unlike a will, a trust can go...
Certain events should remind you to revise your will
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...
