It is not necessary for one to be rich in order to benefit from estate planning in Colorado. Estate planning is not as complicated as many people perceive it to be either. Taking the time to ensure all assets and valuables are distributed according to one's final wishes is one of the smartest moves anyone can make.
Entrepreneurs are risk-takers with a beneficial disregard for rules. Facing failure and then beating the odds is a hard task that that only a few can accomplish. After a lifetime of work many small business owners want to keep their hard earned company and give it onto their children rather than sell it to a stranger. Passing on a business is a complicated task with a lot of implications. Prepare yourself first and the process will be a lot easier. Here are some essential points to consider when creating a business succession plan.
A really sad situation crossed my desk this month. My client, we'll call her Sarah, has two children, SON and DAUGHTER. Sarah has had dementia for a while. Fortunately, Sarah had executed a power of attorney that allowed Daughter to manage Sarah's affairs when Sarah was too sick to do so. Unfortunately, and against my advice, Sarah insisted on putting both Son and Daughter as co-owner of Sarah's investment accounts. These accounts were Sarah's money, with no contributions by Son and Daughter.
As you are making your estate plans in Colorado, you should be sure to include some kind of protections for yourself to offer you some recourse if you become disabled or mentally incapacitated. As you are pondering your options, you may also be wondering how you can protect your estate if that situation arises. Being mentally incapacitated can result in guardianship and impact your ability to make decisions regarding your care, estate and assets, and may render your final wishes useless. There are ways you can protect your estate plans and end of life wishes if you lose the mental capacity to remain in charge of your situation.
Contrary to popular belief probate doesn't have to be a daunting experience. Instead, it can be a good way to clear up any problems or concerns regarding the estate of your loved one. Thinking of it like that can make it easier.