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There is a story about a miserly old man who is nearing death. He calls his three closest friends to come visit him on his deathbed. He tells them that he has heard he cannot take his wealth with him, but he wants to give it a try. He hands each of his friends a bag of gold coins and requests that each person place the bag of gold coins in his … [Read more...]
Why Don’t I Practice Other Areas of Law?
I answer a lot of phone calls. Many of the calls are for people who want my help with their will, trust, or estate planning, but other calls are not about that. Because I have the word “estate” in the description of what area of law I practice, I also get a lot of calls for real estate law. The word “estate” in common between these two areas of … [Read more...]
The Most Miles I’ve Traveled In a Single Day as a Mobile Estate Planner
I drive a lot. I drive to meet clients at their home, or at an office near them in the Denver Metro and beyond, and I put about 30,000 miles per year on my car. I don’t mind doing this at all, as I enjoy working with clients and I want to make things convenient for them, but there is a lot of revving involved as a mobile estate planning … [Read more...]
Will I Go To Jail If I Don’t Handle My Mom or Dad’s Estate Plan The Right Way?
The short answer is probably not. I know people get really concerned about doing everything the right way, and I fully understand how people want to do things the right way, especially when it comes to legal matters, but jail usually isn’t the punishment if you happen to make some missteps in handling your Mom or Dad’s estate plan. There are a … [Read more...]
3 Times I was Not Able to Help Someone Plan Their Estate Plan
I try to help as many people as I can. I find that I can help most people. Sometimes I am not the best person to help someone - as is the case with people who came to me for help with an estate plan, but they were worth $150 Million. That number far exceeds the current Federal estate tax limit, and I really don’t handle taxable estates, so I … [Read more...]
How Do You Execute a Living Trust In Colorado After A Death?
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...]
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