Trusts can be a critical part of an estate plan. People create trusts for various reasons, including probate avoidance, shielding assets, protecting young or disabled beneficiaries, reducing estate taxes.
There can be a lot happening in the days and weeks following a loved one's passing. There may be calls to make and a funeral to arrange; people are coping with grief and loss; there may be traveling and moving to coordinate.
If you fall seriously ill, loved ones can often be battling confusion, grief and fear. Under these conditions, it can be incredibly difficult to make decisions regarding a person's medical care.
If you fall ill and cannot express your wishes regarding medical care, doctors will seek answers about your care by looking for: a living will, a medical durable power of attorney, or your loved ones.
Assigning powers of attorney is a critical step in the estate planning process. It provides vital protections and guidance during a tumultuous time, which can prevent legal and personal disputes, not to mention financial turmoil.
Welcoming a new baby into your family is a joyous and overwhelming experience. Between sleepless nights and figuring out feeding schedules, most new parents have more than enough to think about during those first few months.
Every adult should have a will as part of their estate plan. Unfortunately, creating a comprehensive will is not a priority for most people. Many people simply put it off or they assume that having a standard, generic will in place will suffice.
In addition to creating a will, many Colorado residents find that creating trusts may be in their best interests. The will does direct how the individual wishes his or her assets to be dispersed; however, a trust may provide increased benefits such as minimizing estate taxes and shielding assets from creditors. In some cases, adding an irrevocable trust as part of one's estate planning portfolio is desirable.
Every family has their secrets. Years ago, the keepers of these secrets may have passed away without anyone ever learning about the private information. Today, however, it is easier than ever for families to uncover hidden stories thanks to technology like direct-to-consumer genetic testing.
There may be very few decisions that parents make without considering the impact those decisions might have on their kids. This can certainly be true when it comes to financial and estate planning.