Blog - Michael Bailey Law, LLC

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...]

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 … [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 … [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 … [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 … [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 … [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 … [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 … [Read more...]