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I get asked the question above on an almost weekly basis. The short answer is that if you put your assets into a trust, you still get taxed. A trust is not a magical way to avoid all taxes on assets, despite persistent myths to the contrary. A trust can help to minimize taxes, but not eliminate taxes completely. The IRS publishes a list of the “Dirty Dozen” tax scams each year. These are easily identified ways that try to scam the tax system. This year’s list includes the following: “Abusive tax structures including trusts...are sometimes used to avoid paying taxes. The IRS is … [Read more...]
[ANSWERED] How Often Should You Update Your Will?
Almost every person I meet asks me how often they should review, update, or revisit their will. I am happy to answer this question, explaining as follows: “You should update your will every few years, or whenever you have a major life change.” Please read the following sentences in as sarcastic of a voice as you can: I know this is quite the definitive statement, and leaves nothing open for interpretation. Certainly the phrase “every few years” is absolutely definitive, and cannot be misinterpreted. Back to normal now, sarcasm is done: What do You Mean by, “Every Few … [Read more...]
Four Fundamental Estate Planning Documents: Part 4 – The Living Will
When I talk with clients about estate planning, I often need to start with the basics, giving them a good solid foundation. I am not sure I have done that yet on my blogs, so I am excited to do a four part series where I talk about the basic, foundational documents of every estate plan. Hopefully this will set a good foundation for you. In my opinion, any estate plan should have these four basic, fundamental, foundational documents: A Will A Financial Power of Attorney A Medical Power of Attorney A Living Will (also called an Advance Directive) This blog will talk about a … [Read more...]
Four Fundamental Estate Planning Documents: Part 3 – Medical Power of Attorney
The Medical Power of Attorney When I talk with clients about estate planning, I often need to start with the basics, giving them a good solid foundation. I am not sure I have done that yet on my blogs, so I am excited to do a four part series where I talk about the basic, foundational documents of every estate plan. Hopefully this will set a good foundation for you. In my opinion, any estate plan should have these four basic, fundamental, foundational documents: A Will A Financial Power of Attorney A Medical Power of Attorney A Living Will (also called an Advanced … [Read more...]
Four Fundamental Estate Planning Documents: Part 2 – The Financial Power of Attorney
The Financial Power of Attorney When I talk with clients about estate planning, I often need to start with the basics, giving them a good solid foundation. I am not sure I have done that yet on my blogs, so I am excited to do a four part series where I talk about the basic, foundational documents of every estate plan. Hopefully this will set a good foundation for you. In my humble opinion, any estate plan should have these four basic, fundamental, foundational documents: A Will A Financial Power of Attorney A Medical Power of Attorney A Living Will (also called an … [Read more...]
Four Fundamental Estate Planning Documents: Part 1 – The Will
When I talk with clients about estate planning, I often need to start with the basics, giving them a good solid foundation. I am not sure I have done that yet on my blogs, so I am excited to do a four part series where I talk about the basic, foundational documents of every estate plan. Hopefully this will set a good foundation for you. In my opinion, any estate plan should have these four basic, fundamental, foundational documents: A Will A Financial Power of Attorney A Medical Power of Attorney A Living Will (also called an Advanced Directive) This blog will talk about … [Read more...]
Asset Protection: The Difference Between Irrevocable Trusts and Revocable Trusts
A couple of weeks ago, I had a conversation with a financial planner who has referred business to me for several years. This financial planner told me we need to provide asset protections in a trust for a potential client he planned to refer to me, and referenced using a revocable trust. We have these types of conversations all the time, as we have a basic understanding and how to work together. This type of conversation went beyond the basics of estate planning, sort of like this blog post is a bit higher level than a basic discussion of estate planning - this is a more specialized … [Read more...]
The 3 Roles in a Trust, and Why They’re Important to Understand Before Sitting Down With Your Estate Planning Attorney
A couple of weeks ago I was discussing a trust with a client, and thought I had explained what a trustmaker, trustee, and trust beneficiary were. While I was talking about how only one of their kids would act as the Trustee, the client reacted with haste, exclaiming, “WHAT DO YOU MEAN ALL OF MY CHILDREN WILL NOT BE ON THE TRUST? THAT’S NOT WHAT I WANT AT ALL!” With a smile, I calmly re-explained the difference between a child being a beneficiary of a trust, and what the role of the trustee was. If you have ever experienced the same, or a similar, misunderstanding when working with any … [Read more...]
Estate Planning is Not for You (It’s for Your Family): The Story of My Whiteboard
I have a whiteboard in my office. It was provided by the company from whom I rent my office - Office Evolution. I have offices all over the Denver Area and the Front Range, because I can use all of their locations. I love the professionalism of this workspace, and it really is what allows me to be a completely mobile estate planning attorney. And although this whiteboard came with my office, I never really had a good use for it until about 5 years ago when I brought my oldest daughter along with me to work on “Bring Your Child to Work” day. My last appointment of the day was with a couple … [Read more...]
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...]
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