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Let’s get started by saying that I do know a financial power of attorney and a living trust are different documents that have different functions and different goals. A living trust is most often a document that describes what happens to your assets after your death, whereas a financial power of attorney (financial POA) allows someone to make … [Read more...]
How Do You Put Your House Into A Living Trust?
This question seems like an easy one to answer. To transfer your house into a Living Trust, you want to prepare a deed to transfer ownership of the house from you into the trust. In Colorado, you can use a Quitclaim Deed, Warranty Deed, General Warranty Deed, or a Special Warranty Deed to transfer ownership into the trust. Once you have properly … [Read more...]
A Living Trust vs. Revocable Trust Compared Side by Side
Most people use the terms “revocable trust” and “living trust” interchangeably. The terms are usually synonymous, and most everyone I know thinks they are the same thing, but that isn’t always true. Since there are some important differences, I will address the differences in this post: A Living Trust vs. Revocable Trust Compared Side by … [Read more...]
Using Living Trusts: Simplifying Transfers After You Die
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...]
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