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.
In many families, there is an expectation that a parent's money and property will go to his or her children after death. However, that is certainly not always the case.
If you are like many people, you will see your parents and other relatives over the holidays, whether you visit them in a nursing home or invite them over for a family meal. While you may be focused on celebrating and catching up, however, you might also consider taking the opportunity to discuss an important topic: estate planning.
Fiduciary duty is something people may not think about until they are in a stressful, upsetting position. Often, the subject arises after someone becomes very ill or passes away. Under these circumstances, it can be very difficult to know what to do, and perhaps more importantly, what not to do.
Relationships and family structures are more diverse than ever, and people have different goals and needs. That is especially true when it comes to estate planning.
People over the age of 60 are becoming the fastest growing age group in Colorado and around the rest of the country. As this age group gets older, estate planning becomes an important consideration. There are many facets to estate planning and it is not a one-size-fits-all proposition. If an older couple has a complicated estate that includes blended families, minor children and significant assets, trusts may be a good option.