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 clients want to name their trusts something other than their own name (so as to hide assets). I have had other people put assets into a trust thinking there was no way someone would ever think to look into a trust, but those ideas simply are not … [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 seminar put on by a financial advisor, trust attorney, or other organization that extolled the virtues of a trust. I even had someone who insisted they needed a trust because their brother-in-law’s nephew had convinced them a trust was necessary for … [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 year prior to going to law school, as I was in college and switched apartments often. I lived at home during the summers, and I lived in different apartments, usually with different roommates, while in college. I don’t move quite as often now, since … [Read more...]
Lessons From a Coffee Mug: You Can’t Fix Stupid in Estate Planning
My website designer / web marketing guru / all things concerning my internet presence person has a coffee mug that says “I’m a Lawyer. I can’t fix stupid, but I can fix what stupid does.” I do think the coffee mug may be a bit overzealous and overly optimistic in that saying. I understand that there are many areas of law where this saying might apply, but I don’t think it applies to estate planning quite as much. In areas of law like business law, or contract law, I can see how a good attorney can correct mistakes businesses have made, or mistakes or misunderstandings arising from … [Read more...]
What to Expect When You’re Expecting and Planning…to Die!
My oldest daughter is currently enrolled in an AP United States history class. She took an AP World history class and enjoyed it quite a lot. This year, her AP United States history class has been a little more difficult for her. She has struggled with reading the textbook and taking notes, which seemed to be one of her favorite parts about her class last year. My wife and I asked her what the difference was, and she talked about how the textbook this year included so many things that it was hard to determine what was important to take away from the reading. I asked to take a look at the … [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...]
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...]
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 doing your Estate Plan Online and using an Estate Planning Attorney?
In the time that I have been working as an estate planning attorney, I have seen a lot of online options to set up an estate plan appear. Some of these websites are free, some are services you pay for, but all of them seem to have the same thing in common: Online services are mostly self-help services that help you create your own will or other estate planning documents. While I suspect most of these online services are set up by people who are either attorneys, or have a working knowledge of the law, I am not completely sure that is the case. Oddly enough, the online services don’t run … [Read more...]
Don’t Forget Someone! What Happens if All Children are Not Named in an Estate Plan?
In January, I heard the news that NBA legend Kobe Bryant was killed in a helicopter crash. I was shocked at the news, as was most everyone else that I knew. My cousin’s husband, who played in the NBA for a while, spoke about playing against Kobe Bryant with reverence, as Kobe Bryant was certainly an excellent basketball player. Something like a helicopter crash is an unexpected event, so suddenly the status of Kobe Bryant’s estate plan became an issue. As tends to happen when a celebrity passes away, I started getting questions about what would happen with Kobe Bryant’s estate. I … [Read more...]