Will and trust planning for single and married individuals
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Each person has a choice of dying without an estate plan, which is known as dying intestate (statutes in the state of the decedent's residence dictate how and to whom assets are distributed); using a will to set forth your wishes (a will is a document which directs the disposition of your estate in a document placed into the court in the county in which the decedent died) or using a trust to hold assets to be distributed upon death. When assisting clients with drafting of their estate plan we look at all of the options available to insure your estate planning wishes are fulfilled.
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Advance directives, including medical and financial powers of attorney, and living wills
An advance directive (as the name implies) is a statement or directive you give as to medical and financial actions you wish to have taken on your behalf at a point in the futurer when you cannot take them yourself. Common forms of advance directives include a medical power of attorney also referred to a health care proxy), a living will, a financial power of attorney or do-not-resusciate order. For most indivuals planning for their personal care and financial estate one or more of these documents should be included in your estate plan. If you don't have such documents you should get them to avoid the need of court intervention should a decision need to be made for you. Please contact us for more information.
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Estate tax planning for individuals with taxable estates
For individuals dying in 2009 they can pass to their heirs $3,500,000 free of estate tax. Couples, with special planning, can pass twice this amount, i.e.-$7,000,000. In 2010 the amount you can pass tax free is unlimited, although there is a change to the cost basis of a portion of the assets which your heirs receive (carry over basis) creating more income tax when the heir sells the property. In 2011 the amount you can pass is reduced from $3,500,000 to $1,000,000.
Congress is not likely to leave this structure in place. President Obama has indicated he would like to keep the $3,500,000 exclusion, but with the current state of the economy being what it is, it is not hard to imagine the estate tax being used to fund future federal expenditures such as paying off the deficit.
So what is a taxable estate requiring special planning? With the future as uncertain as it is and with the state of the economy a $1,000,000 net worth could very well be a taxable estate and planning for this possibility is prudent.
For articles specific to the topic of estate tax planning look to the Special Reports.
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Administration of a decedent's estate in a court probate proceeding or within a limitation set forth within a trust including family conflict resolution
When a person dies his or her estate (the items they own at death such as real estate, personal property, bank accounts,vehicles, sporting goods, jewelry, savings accounts, etc)must be distributed to the decedent's heirs. The process of distributing the estate is commonly referred to as the administration process. This process can be through a judical process commonly referred to as probate; through the administration of non-probate assets such as assets held in joint tenancy or payable on death accounts or through the administration of assets held in a trust. We are able to help you sort out the different estate assets, to whom they should be distributed, whether in a judicial or non-judicial proceeding.
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Skilled, assisted and at home health care planning, including planning with the use of long term care insurance, Medicaid, annuities, etc.
Aging is not easy! As we age we become less and less independent and often need the assistance of care providers allowing us to stay at home or in an assisted or skilled facility. We can help you plan for this challenging time of your life. Our office will guide you through the decisions of paying for long term care in a way which you feel comfortable. Paying for long term care either at home or in a facility can be extremely expensive. The average cost of skilled care in Colorado is $5,991 (for 2009). Without advance planning this can be a huge burden on families. We can help find solutions for you and your family. You will find more information on specific issues facing you during this time of your life in our Special Reports.
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Disability planning for children and adults
According to Wikipedia there are 650 million disabled individuals worldwide. In the United States alone there are 32 million over the age of 18 and 5 million under the age of 18. Whether planning for yourself or for a family member or friend care is required. We counsel individuals, enabling them to remain independent to the extent possible, as well as those wishing to provide for a disabled child or adult. Through the use of trusts (such as special or supplemental needs trust) assets can be protected for the use of the disabled individual enhancing his or her life. For additional information on the topic of disability planning for children and individuals please go to the Special Report Tabs. Please contact us for more information.
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Will contests
Often clients contact us to inquire as to the nature of a decedent's will and whether it is valid or not. A valid will in Colorado requires the will be executed by a testator (the person signing the will) at a time when the testator has mental capacity (or testamentary capacity as we lawyers call it) and is not being unduly influenced by someone to write the will a particular way.
If an individual signs a will either when he or she does not have testamentary capacity or was unduly influenced by a third party making the wishes set forth in the will more of the third party then a proceeding can be started to contest the will. By contesting the will a court can orde the will be ignored or set aside. If this happens the prior will of the decedent would be enforeced instead or the decedent's estate could be distributed to those who take under the laws of the State of Colorado in the case where decedent's don't leave a will.
A will contest can be emotionally draining and will likely cause family strife if the wrong doer is a family member. This is often the case. If you need assistance in determing your rights regarding an interest you have in an estate feel free to contact us to set an appointment to discuss your options.
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Asset Protection Planning
Protecting the wealth you have accumulated is high on many of our client's priority list. We live in a litigious society and creditors can take many shapes and forms from personal injury or liability creditors to ex-spouses and addictions. Protecting your wealth for your children and grandchildren can be done effectively if you plan in advance. Often people imagine asset protection is only to protect against their own creditors, however, many estate planning tools exist to protect the assets against their children and grandchildren's creditors. Waiting until a creditor is in the picture for you or your heirs makes asset protection very difficult and limits the options for planning. It is always a good idea to plan ahead, especially in the asset protection context. If this is something you are interested in discussing with us please give us a call.
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Family Wealth Preservation
Preserving wealth has become of paramount importance to many of our clients. Wealth does not mean you have to be a multi-millionaire. It can be a home or vacation retreat. It can be a retirement account. It can be our life savings no matter how small. It can mean different things to different clients.
Preserving family wealth for the family involves multi-generational planning. Clients choose to either distribute their estates outright to their heirs (thereby not planning to protect the inherited wealth) or they choose to restrict the distributions from the estate in such a manner to discourage creditors of the heir from reaching the inherited assets.
In this day and age the creditors of our heirs range from credit card companies, to lenders or to spouses caught in the middle of a divorce. Safeguarding the inherited assets from such claim involves sophisticated planning we can help you navigate. Accumulating wealth is one thing. Preserserving it is another. Let our family help yours.
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