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Is it better to have a will or a trust?  Not Everything You Heard Is True

I cannot tell you the number of times I have had people as if it is better to have a will or a trust.  I probably stopped counting when the 10,000th person asked me, and I have moved well beyond that number at this point. The simple, yet unsatisfying answer to the question of whether it is better to have a will or a trust is that it depends on your situation and what you are trying to accomplish. I know this answer isn’t what a lot of people want to hear, but it is the correct one.  This answer is also generally one that I cannot decide for you, as the answer is one you need to decide … [Read more...]

It’s Your Estate Plan: Making it Truly Yours

Before I started my estate planning practice, I worked for a firm handling tax resolution cases.  Basically, I tried to help people who owed past due taxes to the IRS or to the state tax departments.  Mostly this consisted of negotiating payment plans - allowing people or businesses to pay back past due taxes over time, but I also helped eliminate penalties and worked to reduce tax debts for the people I could help. Sometimes I would get clients who think I should do everything, and that they do not need to be involved in working to eliminate the tax debt.  I would often remind these people … [Read more...]

What To Do If Someone Dies With An Estate Plan Already Set Up

Many of the topics I have covered on my blog have to do with what happens if someone dies without a plan, or how not having a plan can be problematic.  I spend a lot of time encouraging people to set up a plan, so that they can have their affairs in order.  Similar to my last blog post, where I talked about what you need to know about your estate plan after you die, this blog post will be devoted to what your survivors will need to do when you have a plan in place.  The timeline for someone who has an estate plan in place is very simple, outlined here: First, We talk about what needs to … [Read more...]

What You Need To Know About Your Estate Plan After You Die

Many of the topics I have covered on my blog have to do with what happens if someone dies without a plan, or how not having a plan can be problematic.  I spend a lot of time encouraging people to set up a plan, so that they can have their affairs in order.  This blog post will be devoted to what happens when you have a plan in place.  The timeline for someone who has an estate plan in place is very simple, outlined here: First, We talk about what needs to happen, and we write down what is supposed to happen, using the correct documents. *Time Passes* Second, Someone … [Read more...]

Why Reading A Blog Post Is Not A Substitute For Working With an Estate Planning Attorney

In my blog posts, I describe some aspect of estate planning and give certain information related to that topic.  However, I do not give out all of the information on a topic.  Instead, I give information on an estate planning topic, which is helpful to answer general questions, or to help describe the basics.  I generally emphasize the need to talk to an estate planning attorney in the blog posts.  I have knowledge about how to create estate planning documents to reflect your wishes and the current law that I do not fully reveal in my blog posts.  I need to be relevant and useful, so I can’t … [Read more...]

Second Marriages and Blended Families: How to Protect What Needs Protecting

In the early 1990’s I used to watch TV on Friday nights, when ABC had it’s TGIF lineup.  One of the shows that aired was called “Step by Step” and the show was about a blended family – a family where the spouses have remarried and kids are not all from just the married couple.  The show followed the adventures, and misadventures, of combining two families.  It seemed almost like an update of the 1970’s TV show “The Brady Bunch,” but with less 1970’s life lessons and more of the 1990’s life lessons - at least as taught by a TV show.  Certainly there were challenges and difficulties invented for … [Read more...]

Fair Estate Planning For Second Marriage: What Couples You Need To Know

If you are about to get remarried, you obviously want to celebrate, but you need to consider the advice my sister gave me when I go married.  She told me, “It is great to get married, but then life just kind of goes on, but you are married.  You are married, and that is GREAT, but you still need to live your normal life.”  My sister was not trying to kill my excitement about getting married, but rather was trying to prepare me to be married. If possible, you should start to plan before you get married.  If you are already on your second, or third, or subsequent marriage, the best time to … [Read more...]

An Estate Planning Carol: How Your Estate Plan is the Perfect Final Gift For Your Children

In Charles Dickens’ classic Christmas tale “A Christmas Carol” the miserly Ebeneezer Scrooge is taught the true meaning of Christmas. The lesson is taught by three ghosts, the ghost of Christmas Past, ghost of Christmas Present, and ghost of Christmas Yet to Come.  In the end, Ebeneezer Scrooge learns his lesson and becomes a generous, happy soul. Christmas this year seems to be filled with displays of Santa Claus popping up in businesses everywhere.  It seems like every other advertisement is using the Christmas holiday to promote their product as the perfect gift.  I have already taken my … [Read more...]

Creating Certainty in a Time of Uncertainty

A couple of weeks ago I was participating in a seminar with a financial planner friend.  Our presentation discussed how to best approach financial concerns in retirement, and how to make money last through retirement.  My part was to talk a bit about the legal planning necessary for retirement, including the basics of estate planning, like a will, living will, financial and medical powers of attorney, and also the role of trusts in estate planning.  The seminar covered basic information and was not intended to be a comprehensive look at anything, or provide specific legal advice. After the … [Read more...]

What You Need to Do Before Meeting With Your Estate Planning Attorney

It is no secret that I offer a free initial consultation to everyone who is looking to set up an estate plan.  The offer is on my website, and I tell everyone who calls me that I offer a free initial consultation.  What may not be so clear is what happens during that initial consultation.  Sometimes I have someone who thinks the initial consultation is a time for them to ask any question they want about the law and have me answer it for them. Others think that they can present me with whatever situation they have, and want me to give them free legal advice on what course of action they … [Read more...]

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Michael Bailey Law, Estate Planning attorney Denver Office Hours
Monday-Friday 9:00am - 5:00pm

Michael Bailey Law
11001 W. 120th Ave. Suite 400
Broomfield, CO 80021

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Lessons From a Coffee Mug: You Can’t Fix Stupid in Estate Planning

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Law Office Locations

Aurora
6105 S. Main Street, Suite 200
Aurora, Colorado 80016

Boulder
4845 Pearl East Circle, Suite 101
Boulder, Colorado 80301

Broomfield
11001 West 120th Ave, Suite 400
Broomfield, Colorado 80021

Cherry Creek
501 S. Cherry St., Suite 1100
Cherry Creek, CO 80246

Denver
1624 Market Street, Suite 202
Denver, Colorado 80202

Denver Metro North/Northglenn
11990 Grant Street, Suite 550
Northglenn, CO 80233

Fort Collins
2580 East Harmony Road, Suite 201
Fort Collins, Colorado 80528

Greenwood Village
7350 East Progress Place, Suite 100
Greenwood Village, Colorado 80111

Golden
14143 Denver West Parkway, Suite 100
Golden, Colorado 80401

Lakewood
355 S. Teller Street, Suite 200
Lakewood, Colorado 80226

Littleton
4 W. Dry Creek, Suite 100
Littleton, CO 80120

Louisville
357 S. McCaslin Blvd, Suite 200
Louisville, Colorado 80027

Lone Tree
9233 Park Meadows Drive
Lone Tree, Colorado 80124

South Hover Longmont
1079 S. Hover Street, Suite 200
Longmont, CO 80501

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