Blog - Michael Bailey Law, LLC

For Grandparents: How Can You Pass On Your Legacy To Your Grandchildren?

When it comes to estate planning, leaving a legacy may be important. Of course, the concept of a legacy raises several different questions: What is a legacy? How you do build a legacy, and how do you leave one for your grandchildren? Is a legacy what you leave to them after you are gone - assets and things? Or, is a legacy more? Is a legacy … [Read more...]

“Grandma! Grandpa! Will You Help Me?” How You Can Help Your Grandchildren With Their Education

I think most grandparents have a special place in their heart for their grandchildren. Grandparents play with their grandchildren, feed the grandchildren, and generally make life fun for the grandchildren. Grandparents also give the grandchildren back when it is bedtime, or the grandchild is cranky, which makes sense. Grandparents did all of the … [Read more...]

Wills vs. Trusts Compared Side by Side (My 100th Blog)

The most common question that I get in my law practice is what is the difference between a will and a trust? I really do wish the question is simple and easy, and perhaps someday I will be able to come up with a satisfying answer that only takes a minute or two. In my experience, the answer to this question can be quite complex, as you can see … [Read more...]

Revocable vs. Irrevocable Trusts Compared Side by Side

To fully explore what type of trust is right for you, or to further understand the differences, you should consult with an experienced estate planning attorney. You can schedule a free initial consultation by clicking below. … [Read more...]

Can You Have Both A Will And A Trust? In Colorado, Yes You Can!

Whenever someone asks me if they need a will or a trust, I tell them that the answer depends on their circumstances. I then offer to discuss their life circumstances during my free hour long consultation to determine what options would fit their needs. Many clients are surprised to learn that even if they set up a trust, they also need a … [Read more...]

What Is a Beneficiary’s Deed & Why Might You Want One

I talk with a lot of people who want to avoid probate, so they ask me about their options to avoid probate and want to know what is available. One of the options that comes up is a beneficiary’s deed. A beneficiary’s deed may also be called a “transfer on death deed,” but in Colorado the proper term is a beneficiary’s deed. Not all states allow … [Read more...]

When I Had to Defend the Estate Plans I Wrote – The Rare Cases

In my last blog post, I talked about not going to court if you don’t have to go. With careful planning, estate planning can help you avoid going to court and court proceedings. Your estate plan can be carried out with a minimum of court supervision, or free from court supervision under most circumstances. However, sometimes things happen that … [Read more...]

Don’t Go to Court if You Don’t Have To

Most people I know, including my attorney friends, don’t want to go to court. They all tend to think: “The less people end up in court, the better.” I will focus on avoiding court as it relates to estate planning in this blog. When I first meet with people, many of them tell me that they want to set up a will so that their estate does not go … [Read more...]

Is it better to have a will or a trust? Not Everything You Heard Is True

I cannot tell you the number of times I have had people as if it is better to have a will or a trust. I probably stopped counting when the 10,000th person asked me, and I have moved well beyond that number at this point. The simple, yet unsatisfying answer to the question of whether it is better to have a will or a trust is that it depends on … [Read more...]

It’s Your Estate Plan: Making it Truly Yours

Before I started my estate planning practice, I worked for a firm handling tax resolution cases. Basically, I tried to help people who owed past due taxes to the IRS or to the state tax departments. Mostly this consisted of negotiating payment plans - allowing people or businesses to pay back past due taxes over time, but I also helped eliminate … [Read more...]