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(Or My Cat, Hampster, Lizard, or other Pet) In my family, I think of my dogs as being my canine children. I currently have two canine children to go along with my three human children. I don’t treat my human children exactly the same as my canine children, but I do treat the dogs well. My dogs sleep in cages at night, while the humans get beds and bedrooms instead, so I do treat my human children better than my dogs, but I still think of my dogs as my children, and I want to make sure the dogs are cared for if I pass away. I don’t need to name a guardian to raise my dogs the right way, … [Read more...]
How To Give Your House Away After You Die – Estate Planning 101 (or Maybe Even More Basic Than That)
For most people who own a home, the home is likely their largest, and most valuable asset. If you purchased a home while you were young, and then paid off the home over time, then the home has likely appreciated in value, and your home is worth quite a bit. When it comes time to pass the house on to your children, you want to pass along the home, or the value of the home, as quickly and easily as possible. You can transfer your house to your children through a will or trust. You can also use a beneficiary’s deed. Each approach works, but in different ways, and there are advantages and … [Read more...]
Estate Planning For Pregnancy? What You Should Know In Colorado
When my first child was born, that was the first time I began to think about what would happen to my family if I were to pass away. I didn’t have a lot of assets at that point. I lived in an apartment with furniture purchased mostly from garage sales, and I had a car worth about $500, so it wasn’t like I was too worried about money. I happened to be in law school, so my student loan debt was higher than my assets at the time! However, I did realize that if I were to pass away, my family would be left behind, and I still needed to take care of them. I thought about who would raise my … [Read more...]
How Do I Leave My Car to My Family After I Die?
I have several clients who restore old cars, usually classic cars, and then either keep them, or sell them to other collectors. They often want to leave the car to their family and ask me, “How do I leave my car to my family after I die?” These really are some neat cars, so I understand wanting to keep the cars in the family. I have seen some really cool cars from the 1940s, 1950s, 1960s, and 1970s that my clients have collected, restored, or just found. I think these are really cool, but restoring cars is not one of my hobbies, so I don’t have a cool classic car, but rather just a normal … [Read more...]
Why It’s Vital To Have A Living Trust In Colorado
There are many reasons why a living trust is a good idea. You may want to keep your assets out of probate. You may want to provide for your minor children. You may have property in multiple states. You may be a blended family. You may be taking advice from a television personality or financial person on television who tells you to have a trust. You may have watched your parents pass away, and seen how a trust can streamline the process. You may have just heard it is a good idea to have a trust. Or, you may have just typed in the search terms in an online search engine and you are … [Read more...]
Revocable Trusts vs. Special Needs Trusts Compared Side by Side
At the risk of stating the obvious, not all trusts are the same. A revocable trust is a very common type of trust for people to create, and the popularity of a revocable trust likely comes from its most common use - to avoid probate. A revocable trust can do a lot of things, but it may not be the correct type of trust for what you need. If you have someone with special needs - whether that person has a mental or physical disability, substance abuse issue, or other reason to not be able to immediately receive a large sum of assets upon that person’s death - then you may need a special needs … [Read more...]
Three Important Questions You Should Consider Before Meeting With An Estate Planning Attorney
I often sit down to meet with people who want me to do absolutely everything for them, and they are somewhat shocked that I do not tell them everything to do with their estate plan. Sometimes I have to explain that I cannot decide who should get their assets, as I do not know their family situation, nor do I know who they think deserves assets, or who does not. If someone cannot tell me who they want to get assets when they die, I will often suggest my children as potential recipients, as I know they could use the money! I quickly identify this as a bad idea, as I don’t really think that … [Read more...]
Colorado Residents: Benefits Of Working With A Local Estate Planning Attorney
As I drive around the Denver Metro Area, I see the bumper stickers that say “Native” on them. I have also seen variations that say “Not Native, But I Got Here As Quick As I Can,” or “Almost Native.” I fall into the “Not a Native, But I Got Here As Quick As I Can” category. I was born in Portland, Oregon, and I lived there with my family for nearly the first six years of my life. Right before I turned six, my dad got a new job at Hewlett Packard - working in the Loveland location. My family moved to Fort Collins at that time, and I grew up in Fort Collins. I left Colorado to attend … [Read more...]
Something is Better than Nothing: Get your Estate Plan Set Up Now…You Can Adjust Later, If You Need
I completed an estate plan for a client on December 30, 2021. This particular client had first contacted me over two years ago. When we first spoke, the client had a lot of questions on how to proceed. I answered the questions to the best of my ability, and then the client wanted to talk to their insurance agent, CPA, investment advisor, parents, and friends. I let them do so, and the more people they talked to the more different answers and approaches they encountered. After a couple of years of seeking one answer, this client finally contacted me and told me they just wanted to go ahead … [Read more...]
What is the Difference Between a Living Trust and a Revocable Trust?
When I was 19 years old, I left the United States and went to live in Russia for two years as a missionary for my church. Over the course of my two years of service as a missionary, I learned to speak Russian. I used to think I was fluent in Russian, but my definition of fluent has changed over time. There are a lot of topics and words that I never really utilized as a missionary. I achieved a fairly proficient level of competence in speaking Russian, becoming quite conversational. However, I do think I spoke a “church” version of Russian, as many of my conversations revolve around … [Read more...]
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