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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...]
Is a Living Trust Protected From Creditors in Colorado?
The short answer to this question is: No. I seem to keep trying to write the shortest blog post ever, but somehow the complexities of legal questions don’t seem to allow for that to be the case. A living trust does not offer creditor protection under Colorado law, even if someone thinks they are super clever to get around the law. I have had … [Read more...]
Does a Beneficiary Deed Avoid Probate?
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 … [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 … [Read more...]
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