Blog - Michael Bailey Law, LLC

Estate Planning for Life’s Two Certainties: Death and Taxes

Nobody likes taxes...well, nobody likes to pay taxes. Many people might like the benefits that taxes provide, but nobody likes to pay the taxes. I remember reading a fake news article (which I cannot find on the internet now!) where a man was surprised to learn his taxes were going up. He said that he voted for all of the new parks, recreation centers, and school tax increases, but he was surprised to learn that his taxes were going up. He was quoted as saying the tax increases were only supposed to affect the rich, not him. He wanted to reap the benefits of higher taxes, without paying … [Read more...]

Saying Goodbye

I said goodbye to my best doggie friend this week. On Tuesday, January 22, 2019, I had to let my best doggie friend, my Scylla doggie, leave this earth. I held her in my arms at around 10 pm that night as she passed on. I was not prepared - it happened so quickly. I was not OK - I am still not OK. My children tell me that they had never seen me cry, but that night I could not stop the tears as I held my precious little dog, felt her stop breathing, and then felt her heart stop. I am crying even now as I write this and recount what happened. It Happened So Quickly, I Had Little Time to … [Read more...]

Estate Planning and Collaboration, A Great Combination

I have a confession. A dark secret that I hide behind a facade of confidence and competence. I know this may come as a surprise to some people who know me well, but I am here to admit, “I don’t know everything.” (I can hear a collective gasp of disbelief from my friends, and a faint scoff from my family…) Because I don’t know everything, I also do not handle all legal matters myself. Many of my classmates from law school seemed to act like they knew everything, or at least that they knew better than everyone else. I have never found being all-knowing to be particularly effective in my … [Read more...]

Veterans Administration Aid and Attendance Update: Eligibility in Colorado in 2019

On October 18, 2018, the Veterans Administration (VA) changed eligibility requirements for the benefit commonly known as Aid and Attendance, which is a VA pension for veterans who served in time of war, or their surviving spouses. You can read more about the changes that were implemented here. In short, the Veterans Administration changed the asset limit for wartime veterans to qualify for this benefit and also implemented a previously non-existent penalty period on asset transfers. By implementing these changes, the VA created a whole new set of rules, regulations, procedures, forms, … [Read more...]

Adventures in Estate Planning: Christmas Lights

I have always loved outdoor Christmas lights. I love seeing them up, and I enjoy the differences in outdoor Christmas light displays. My family and I used to drive around and look at outdoor Christmas lights around the neighborhood during December. My family continues this tradition, only my wife and children go with me now. Growing up, we visited a company in town that had a drive through display of lights for the community once every year. I am not sure if outdoor Christmas lights were so happy for me because of just the lights, or because I was so excited for Christmas to be here and … [Read more...]

Adventures in Estate Planning: The Same Day

It takes time to do estate planning properly. This seems like it would be obvious, but sometimes I need to remind people of this fact. I do my best to accommodate requests from clients, even if they are last minute requests. However, same day and last minute requests only work if I have time in my schedule, and also require moving quickly to prepare and sign documents, which can sacrifice accuracy, and cause problems in the future. I want to treat my clients right, and same day / last minute requests can compromise the ability to make this happen. Same day turnaround for an accurate … [Read more...]

Adventures in Estate Planning: The Last Minute

Many of the people I meet tell me that they liked how I come to see them, and that was a deciding factor in choosing me to prepare their estate plan. I am happy to hear my approach to serving clients is working. That said, traveling to see people isn’t without its own problems. In my travels, I sometimes meet people who are unable to get out, so they call me. Many of these individuals have waited to the last minute (or even longer!) to make an appointment to get their estate planning done, which makes for some exciting adventures. In this blog I’ll share adventures you want to avoid as you … [Read more...]

Adventures in Mobile Estate Planning – How To Prevent Tire (and Estate Planning) Blowouts!

A couple of weeks ago, I noticed that the tires on my car were wearing down. I knew I needed to get the tires checked, and I set a day and time that I could go to the tire shop to get them done. As I drove to the tire shop, I noticed the car was not driving correctly. First, the care just seemed to have trouble staying straight, then it began to vibrate, and finally buck forwards and backwards. This did not seem right to me. I looked into the passenger side mirror, and noticed that the tire tread from my passenger side, rear tire was moving outside the wheel well. I decided that was not … [Read more...]

What Will You Be? Picking the Right Halloween Costume For Your Estate

It is October, and Halloween is coming up. A couple of years ago my four year old asked what a friend of ours would be for Halloween by asking, “What will Erazz be for Halloween? A witch!” He mispronounced our friend Mirazz’s name, and made us laugh, but picking a costume is always a fun part of Halloween. Picking an estate plan may not be as fun as a Halloween costume, but comparing the two is why this blog exists, so let’s get to it: As a little kid, candy was pretty important to me, so I had to pick the right costume. I wanted to get as much candy as possible, as quickly as possible … [Read more...]

VA RULE CHANGES!

Aid and Attendance Asset Limits Change in October, 2018 The Department of Veterans Affairs (VA) recently changed the rules (with only one month’s notice to implement the change!) that make it more difficult to qualify for the VA’s Aid and Attendance long-term care benefits. The rules establish an asset limit, a look-back period, and asset transfer penalties for claimants applying for VA pension benefits that require a showing of financial need. The principal such benefit for those needing long-term care is Aid and Attendance. The VA offers Aid and Attendance to wartime veterans (or their … [Read more...]