Blog - Michael Bailey Law, LLC

Adventures in Estate Planning : Getting a New Phone

A couple of weeks ago my wife’s phone battery stopped holding a charge. She would charge the phone overnight, and start using it the next day, but within an hour, the phone was down to 30% of its battery life. Given the nature of modern society, and how it can be difficult to function without a working cell phone, this seemed like a situation … [Read more...]

Are Trusts Taxed? [Answered]

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 … [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 … [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 … [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 … [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 … [Read more...]

Four Fundamental Estate Planning Documents: Part 1 – The Will

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 … [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 … [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. … [Read more...]