Estate Planning Archives - Page 2 of 9 - Michael Bailey Law, LLC

Will I Go To Jail If I Don’t Handle My Mom or Dad’s Estate Plan The Right Way?

The short answer is probably not. I know people get really concerned about doing everything the right way, and I fully understand how people want to do things the right way, especially when it comes to legal matters, but jail usually isn’t the punishment if you happen to make some missteps in handling your Mom or Dad’s estate plan. There are a … [Read more...]

How Do You Execute a Living Trust In Colorado After A Death?

A trust is a very useful and helpful estate planning document. The trust itself contains the instructions for what to do with assets owned by the trust, usually in the form of a written trust agreement. The written trust agreement should have the names of beneficiaries who are to receive the assets of the trust, whether the named beneficiaries … [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...]

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...]

Estate Planning in a Second Marriage: What You Need to Know

I recently had a client call me and request that I set up a trust for their brother. The brother is getting married in about 6 weeks, and the brother wanted to set up a trust to protect his assets from being claimed by his new wife. This was going to be a second marriage for the brother, and the brother wanted to keep the assets he earned during … [Read more...]

Why I Need To Know About Your Situation – So We Can Plan Your Estate Properly!

I recently met with a potential client and asked if they had completed the intake worksheet I use to gather information on their life situation, asset picture, and desired beneficiaries of an estate plan. The potential clients informed me that they were not sure they needed to fill out such an intake worksheet. Filling out the intake helps me … [Read more...]

The Benefits of Living Trusts: How They Can Save You Time and Save You Money

I take a lot of calls concerning trusts where people ask me how a trust can save them money. Many of these callers have the mistaken belief that trusts are a magical way to avoid paying taxes and that they can completely eliminate taxes by using a trust. As much as I would like for that to be the case, it simply is not. Taxes do not simply go … [Read more...]

Estate Planning For the Average Joe: Simple Strategies to Protect Your Assets

Most people I meet are not rich. Instead, they are normal, hard-working people who have spent a lifetime working to pay off a house, build up some savings, and take care of their family along the way. Some people have been able to save a little more than others along the way, while some have not been able to save much at all, but they got their … [Read more...]

My Reflections After 1 Decade of Mobile Estate Planning In Colorado – And Why I Still Love It!

I didn’t always want to be an estate planning attorney. Growing up, I dreamed of playing in the NBA, making huge shots to win the championship for the hometown Denver Nuggets. That dream never became a reality, mostly based on my not being good enough to play professional basketball, but I also thought I wanted to be just like my dad when I grew … [Read more...]

Why Every Homeowner Needs and Estate Plan: Tips for Protecting Your Property

Most people that I know are fairly normal, regular people. They aren’t rich, and they aren’t poor, but they are somewhere in the middle. They own a house, have a few kids, and generally just go to work, pay their bills, and take a vacation every now and then. I am one of these people, and so I understand how this type of life works on a regular … [Read more...]