Blog - Michael Bailey Law, LLC

“We The People” Are A Lot Alike: Why I Am The People’s Estate Planning Attorney

I cannot count the number of times college age students tell me they want to be an attorney. When I ask them why they want to go to law school I sometimes get confused looks. Many tell me that they want to make a difference in the world by saving the environment, protecting the innocent, or they are motivated to protect someone from the government. These are all good and noble pursuits, and I can endorse their decision to become an attorney. However, that is not always the answer I get. I have had students tell me they are not sure what they want to do, but they heard that having a … [Read more...]

Can I Leave Money to My Church When I Die?

The simple answer to this question is: Yes, you can. However, not all gifts to a church, or any charity for that matter, are the same. You can choose to give money to a charity as an outright gift, or as a gift inside of of your estate planning documents like a trust. You can choose to leave money to a charity, or leave property in kind to a charity. You can also use a gift to charity to reduce estate taxes at your death, or there are even ways to reduce your current income tax burden, if you are so inclined. Giving money to your church or to any other charity can be done in many ways, a … [Read more...]

Estate Planning vs. Medicaid Planning Compared Side by Side

Let’s start with what seems the most obvious to me, but may not to everyone else who doesn’t work as an estate planning attorney like I do: Estate Planning and Medicaid Planning are not completely different things. Instead, Estate Planning is a general, overall, term for setting up a plan for your assets when you die, and what happens between now and when you die. Medicaid Planning is a subset of the “what happens between now and when you die” part of estate planning. Medicaid planning can be a tricky thing, as there are a lot of Medicaid rules to navigate. There are many aspects of … [Read more...]

How Can I Split Assets Among My Children In My Estate Plan So They Don’t Fight?

Like most people who have more than one child, we have to be careful about what we give to one child and not the others. When my children were younger, they were keenly aware if one child had a birthday, that child was going to get a present. The other children, particularly the younger children, found this to be quite unfair, as they were not able to open a present at the same time, so they felt slighted and ignored. We usually solved this problem by purchasing a small gift for the child whose birthday it wasn’t, and allowing the non-birthday child to open the present at the same time as … [Read more...]

How Do I Leave My Cabin to My Family After I Die?

My father worked for Hewlett Packard and Agilent Technologies when I was a child. One of the perks of working for those companies was that the companies owned a significant amount of land called Hermit Park in the mountains near Estes Park,CO. Sadly, the companies no longer own the land, but it has been converted to open space owned by the county. The land was set up to handle company picnics, tent camping, and even a few cabins with beds and indoor dining and cooking space were available. The cabins became more modernized as I grew up, moving from being heated by wood stoves to propane … [Read more...]

How Do I Leave My Dog to My Family After I Die?

(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...]