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A trust is a very useful and helpful estate planning document. The trust itself contains the instructions for what to do with assets owned by the trust, usually in the form of a written trust agreement. The written trust agreement should have the names of beneficiaries who are to receive the assets of the trust, whether the named beneficiaries … [Read more...]
Why Coloradans Need To Start Early to Protect Your Assets from Medicaid
I frequently get calls from people who tell me that they want to put their assets into a trust to protect the assets from Medicaid. The people who call often tell me that they read somewhere on the Internet that they could put their assets into a trust and qualify for Medicaid assistance. I become the one that needs to tell them that while the … [Read more...]
How to Update Your Estate Plan as Your Life Changes
My oldest daughter graduated from high school this month and she heads off to college in the fall. I am not quite sure how that happened! I still remember bringing her home from the hospital, carrying her in a car seat up to our apartment, and the car seat down on the floor. I know I have been there for the past 18 years, and I clearly recall … [Read more...]
Can You Change a Living Trust After A First Spouse’s Death?
This is a question mostly related to estate planning for couples. When couples plan their estate, the question of what happens after a first spouse dies becomes quite important. For most couples, the surviving spouse wants to be able to change the terms of an estate plan. Often, that may be related to preserving assets, or transferring assets to … [Read more...]
How To Protect Your Assets in a Trust if your Kid’s Have Debt
In my last blog post, I talked about how a living trust does not protect assets from creditors in Colorado. If you want to protect your own assets, you need to use an irrevocable trust. However, if you want to protect assets for your children, you can provide that type of asset protection in your revocable trust. Your revocable trust can be … [Read more...]
Is a Living Trust Protected From Creditors in Colorado?
The short answer to this question is: No. I seem to keep trying to write the shortest blog post ever, but somehow the complexities of legal questions don’t seem to allow for that to be the case. A living trust does not offer creditor protection under Colorado law, even if someone thinks they are super clever to get around the law. I have had … [Read more...]
Does a Beneficiary Deed Avoid Probate?
The short answer to this question is: YES. If that were the end of the story, then this would, again, be the shortest blog I have ever written. But, alas, again this is not the whole story. I have previously discussed what a beneficiary deed is and why you may want one, but we will focus on the avoiding probate aspect of a beneficiary deed in … [Read more...]
Make Your Own Luck – Don’t Leave Your Estate Plan to Chance!
My last name is Bailey, so I am familiar with many of the Irish traditions associated with St. Patrick’s Day, and also familiar with the concept of the “luck of the Irish.” I am familiar with the four-leaf clover, the pot of gold at the end of the rainbow, and how if you catch a leprechaun, you can have the leprechaun’s pot of gold. I have never … [Read more...]
Does a Trust Avoid Probate in Colorado?
The short answer to this question is: YES. If I could just leave the answer at that, this would be the shortest blog post ever, but unfortunately, things aren’t quite that simple. I do wish it were that simple, but alas, it is not. One of the main reasons people establish trusts is to avoid probate. Trusts are private documents and if … [Read more...]
Who Should Have a Living Trust in Colorado?
I have many clients who call me and tell me they have heard they want to set up a living trust. I often ask where they heard that they need a living trust and I get all types of different answers. Some read about trusts on the Internet, which others have been told they need a trust by their friends or neighbors. Some tell me they attended a … [Read more...]
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