Michael Bailey - Author at Michael Bailey Law

Creating a Comprehensive Estate Plan in Colorado for Arizona and Florida Snowbirds

Several years ago my in-laws moved to Arizona. My mother-in-law has some health issues and did not enjoy the winter weather. She was out walking her dog one December day in Colorado and she slipped on the ice and broke her leg. She did not enjoy the recovery process. My father-in-law had a long driveway at their Colorado house, and he was not … [Read more...]

What Do You Do When Your Spouse is Gone: What Widowed Women Need to Know About Their Own Estate Plans

I get calls from women all the time who have lost their husbands. These women are already distraught from the loss of their lifelong partner and spouse, and I can feel their emotional and psychological pain over the phone calls we have. I do wish I had better skills in grief counseling and could help ease their pain, but often that is far outside … [Read more...]

Estate Planning For Single Women – What Does One Need?

What does a single woman need in terms of an estate plan? The short answer is the same as everyone else, a will or trust, financial and medical powers of attorney, and a living will. These documents are the foundations of any estate plan, but they can, and should be tailored to any person’s unique situation. Certainly single women have different … [Read more...]

Divorce And Your Living Trust: What Do You Need to Do Post-Divorce?

The first, and to me the most obvious, thing to know is that if you get divorced, it is time to rewrite your trust! After a divorce, the last thing you want is for trust to remain the same. If you leave your trust the same, that could mean your ex spouse gets more assets after you die, and you likely do not want that to happen. Instead, … [Read more...]

Financial Powers of Attorney (POA) and a Living Trust Compared Side by Side

Let’s get started by saying that I do know a financial power of attorney and a living trust are different documents that have different functions and different goals. A living trust is most often a document that describes what happens to your assets after your death, whereas a financial power of attorney (financial POA) allows someone to make … [Read more...]

How Do You Put Your House Into A Living Trust?

This question seems like an easy one to answer. To transfer your house into a Living Trust, you want to prepare a deed to transfer ownership of the house from you into the trust. In Colorado, you can use a Quitclaim Deed, Warranty Deed, General Warranty Deed, or a Special Warranty Deed to transfer ownership into the trust. Once you have properly … [Read more...]

A Living Trust vs. Revocable Trust Compared Side by Side

Most people use the terms “revocable trust” and “living trust” interchangeably. The terms are usually synonymous, and most everyone I know thinks they are the same thing, but that isn’t always true. Since there are some important differences, I will address the differences in this post: A Living Trust vs. Revocable Trust Compared Side by … [Read more...]

Using Living Trusts: Simplifying Transfers After You Die

There is a story about a miserly old man who is nearing death. He calls his three closest friends to come visit him on his deathbed. He tells them that he has heard he cannot take his wealth with him, but he wants to give it a try. He hands each of his friends a bag of gold coins and requests that each person place the bag of gold coins in his … [Read more...]

Why Don’t I Practice Other Areas of Law?

I answer a lot of phone calls. Many of the calls are for people who want my help with their will, trust, or estate planning, but other calls are not about that. Because I have the word “estate” in the description of what area of law I practice, I also get a lot of calls for real estate law. The word “estate” in common between these two areas of … [Read more...]

The Most Miles I’ve Traveled In a Single Day as a Mobile Estate Planner

I drive a lot. I drive to meet clients at their home, or at an office near them in the Denver Metro and beyond, and I put about 30,000 miles per year on my car. I don’t mind doing this at all, as I enjoy working with clients and I want to make things convenient for them, but there is a lot of revving involved as a mobile estate planning … [Read more...]