Powers of Attorney and Advanced Medical Directives: Key Documents for Estate Planning While many people associate estate planning primarily with the distribution of assets after death, a key aspect of effective planning involves preparing for potential illness or incapacity. A comprehensive estate plan should include the creation of powers of attorney and advance directives. These … Continue Reading
Tax Implications for Life Insurance in Business Succession Planning Co-Author: Blake S. Gabriel The recent Supreme Court decision in Connelly v. United States, has introduced significant legal and tax considerations for business owners involved in succession and estate planning using life insurance policies. The Court’s ruling determined that a company-held life insurance policy on a … Continue Reading
Co-Author: Mara B. Peterson, Esq. The fall is a very exciting time with children preparing to go off to college. As part of back-to-school preparations, it is important for young adults to understand what legal documents they should have in place before heading off to college or out into the world. Under Colorado law, once … Continue Reading
Co-Author: Mara B. Peterson, Esq. Using Revocable Trusts and Limited Liability Companies in Estate Planning If you are someone who owns real estate, particularly if your properties are used for rental purposes, there are many important legal and tax considerations for these properties in an estate planning context. Without proper estate planning, these assets could … Continue Reading
Our law firm frequently encounters clients who have either previously set up a revocable trust or are interested in establishing a revocable trust. A revocable trust, otherwise known as a “living trust,” is a legal document established to hold ownership of assets during the lifetime of the person who creates it. The party who establishes … Continue Reading
Under Colorado law, your child becomes a legal adult at age 18. Parents who still think of themselves as protectors and advisers, even after their children become legal adults, often do not consider the real-world implications of that milestone birthday. It is important, as parents, that you understand what legal documents your adult child should … Continue Reading
An important part of estate planning that is often overlooked is the creation of an “Important Information and Documents” folder. This may be either a physical or digital folder, and it should contain your important information and documents, that is, the items your loved ones would need if something were to happen to you. Organizing … Continue Reading
Probate can be an overwhelming and stressful prospect. Understanding what probate means is the first step to navigating your way through this process. Probate, also called “estate administration,” is the process by which a deceased person’s will and property are handled in court. A probate case may be required even if the deceased person, called the … Continue Reading
You have probably heard the word “probate,” with its negative connotation, and wondered, “What is probate, and do I need to worry about it?” Simply put, probate, also called “estate administration,” is the process by which a deceased person’s will and property are administered by the court. A probate case may be required even if the … Continue Reading
When someone dies owning Colorado real estate, a probate administration is necessary to transfer the property, either to a buyer or to the estate beneficiaries. If the property owner died while living out of state, the type of probate proceeding necessary to transfer the Colorado real estate depends on whether a probate administration has been … Continue Reading
