720-730-7274
The short answer to this question is: YES. If that were the end of the story, then this would, again, be the shortest blog I have ever written. But, alas, again this is not the whole story. I have previously discussed what a beneficiary deed is and why you may want one, but we will focus on the avoiding probate aspect of a beneficiary deed in this blog post. Although a beneficiary deed will avoid probate in almost all cases, there are conditions under which probate might still need to happen when you have a beneficiary deed. You may have other assets that trigger the need for probate. … [Read more...]
Make Your Own Luck – Don’t Leave Your Estate Plan to Chance!
My last name is Bailey, so I am familiar with many of the Irish traditions associated with St. Patrick’s Day, and also familiar with the concept of the “luck of the Irish.” I am familiar with the four-leaf clover, the pot of gold at the end of the rainbow, and how if you catch a leprechaun, you can have the leprechaun’s pot of gold. I have never found a four-leaf clover in the wild. I know enough about the physics of light refraction to understand that the end of the rainbow will almost never be on the ground where you can see it. And, I have never seen a leprechaun. I am told leprechauns … [Read more...]
Does a Trust Avoid Probate in Colorado?
The short answer to this question is: YES. If I could just leave the answer at that, this would be the shortest blog post ever, but unfortunately, things aren’t quite that simple. I do wish it were that simple, but alas, it is not. One of the main reasons people establish trusts is to avoid probate. Trusts are private documents and if property is owned by a trust, then the property does not need to be subject to the probate process. However, a trust only avoids probate for property owned by the trust. If you own something personally, and not inside of the trust, then the property may … [Read more...]
Who Should Have a Living Trust in Colorado?
I have many clients who call me and tell me they have heard they want to set up a living trust. I often ask where they heard that they need a living trust and I get all types of different answers. Some read about trusts on the Internet, which others have been told they need a trust by their friends or neighbors. Some tell me they attended a seminar put on by a financial advisor, trust attorney, or other organization that extolled the virtues of a trust. I even had someone who insisted they needed a trust because their brother-in-law’s nephew had convinced them a trust was necessary for … [Read more...]
Should I Transfer My House To My Child While I Am Still Alive?
I meet a lot of clients who I meet will tell me they want to “put their child on the house” while they are still alive. Although “putting someone on the house” does not have true legal meaning, I usually understand that they want to make their child or children co-owners of the house. That means that the house will be owned by the child or children after the parents have died, and the transfer will happen almost immediately, with a minimum of effort by the children. Usually the transfer just involves recording a death certificate with the county and then the child or children will own the … [Read more...]
Does a Living Trust Protect Assets from a Nursing Home in Colorado?
The simple answer to the question above is no. A living trust accomplishes a lot of things, but protecting assets from long term medical care costs, or costs associated with a nursing home is not one of the things that a living trust can do. A living trust helps avoid the probate process, streamlines the process after you have passed away, and can help your survivors have less work to do, but a living trust does not protect against creditors or long term care medical costs. When trying to protect assets from long term care medical costs, you need to consider the timing of putting … [Read more...]
Taking Care of Your Kids: Why Guardianship and Conservatorship Matter in Colorado
Everyone does their Christmas shopping just a bit differently. I know people who shop for everything online, and I know others who put off shopping until Christmas Eve. I take my family Christmas shopping for an entire day once a year in December. We go to the Colorado Mills Mall and walk the entire mall looking for gifts. Since everyone is there, including my wife and kids, we need to get creative in purchasing things sometimes. We will leave a store, and then one of us will go back to purchase an item the kids wanted, and run it out to the car without telling the kids. Or, sometimes my … [Read more...]
Can i Have An Estate Plan from Out of State?
When I got married, I went to open a joint checking account with my wife. As part of the process, the banker asked for my driver’s license. I handed over the license and the banker asked me if the address was current. I laughed and said, “Nope, that was about 7 addresses ago.” I was in law school at the time, and I had moved just about every year prior to going to law school, as I was in college and switched apartments often. I lived at home during the summers, and I lived in different apartments, usually with different roommates, while in college. I don’t move quite as often now, since … [Read more...]
How Does a Disability Trust Benefit You in Colorado?
I got a phone call from someone the other day asking about a disability trust. The woman told me a long story about how her son was on the autism spectrum and was unable to handle school, life, or his own finances. She took care of him and would always take care of him as long as she was alive, but she was also very concerned about who would care for him after she died. Her son was receiving Medicaid assistance and she was very concerned that she needed to set up a disability trust for her son. As we discussed how we might set up a trust to protect assets for her son, I mentioned that we … [Read more...]
Estate Planning in a Second Marriage: What You Need to Know
I recently had a client call me and request that I set up a trust for their brother. The brother is getting married in about 6 weeks, and the brother wanted to set up a trust to protect his assets from being claimed by his new wife. This was going to be a second marriage for the brother, and the brother wanted to keep the assets he earned during his first marriage separate from his new wife, so that his kids from his first marriage would be able to inherit those assets. I know I could have helped the brother to accomplish what he wanted to do, but I was not able to help him because I am … [Read more...]
- « Previous Page
- 1
- 2
- 3
- 4
- …
- 17
- Next Page »
