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Colorado Estate Planning Blog

Common legal myths about estate planning

It is vital for all American adults to take a more proactive approach to their legacy. All adults need to start estate planning well in advance when they are still in a good state of mind to do so. You need to protect your assets and finances so you can pass down important items to your children and other loved ones. 

There are numerous myths that persist around estate planning. Many of these myths cause people to make errors in their paperwork. It is paramount to debunk these myths so that Colorado residents can become better prepared for their golden years. 

Do You Really Need a Will?

According to a 2017 survey, only 4 in 10 American adults have estate planning documents.Wills and estate planning are associated with old age, and it's all too easy for us to convince ourselves that we can put off estate planning for decades to come. Unfortunately, avoiding conversations about death doesn't actually ensure immortality, and none of us can know when estate planning documents might be necessary.

In Colorado, What Assets Are Probated?

We recently got this question from a former client:

Would my bank accounts, Roths or IRAs, avoid probate and the $$ go straight to whoever my beneficiaries may be, or would that have to go to probate?

While we can't provide specific legal advice based on a question like that, we can direct people to general information, like this section of Karen's book, Your Legacy: Meaningful Estate Planning.

Intersection of Personal Injury Matters and Probate

Author - Tony C. Rossi, Esq. Law Offices of Karen Brady, P.C.

Co-Author - Christopher Nicolaysen Springs Law Group, LLC

There are many times when personal injury matters involve probate rules and procedures. In many circumstances, the trial court in a personal injury case cannot approve a trust, for example a special needs trust, for a minor or a person who is incapacitated. In most cases, probate court approval is also necessary. The original court often retains jurisdiction and requires approval of distributions. A budget will be submitted and approved by the court so that future court approval is only necessary for certain changes.

Legacy, Heritage, and Family

When a client comes into Karen's office for the first time, she asks them to consider their heritage. As she likes to say, your heritage is someone else's legacy. Estate planning, for Karen, is about the connection between generations and the memories we leave with one another.

Who will continue your business trail?

Business succession can be an interesting and worrisome topic if you are an owner who is thinking of retirement in a few years. You have heard that wise owners will plan far in advance if they want to hand the keys of the company to their children. Unfortunately, although you know you need a plan, you have nonstop business demands as owner, president and CEO. Running the company takes your full attention, and succession planning gets shoved to the back-of-beyond burner.

All too often, the unthinkable happens. A permanently incapacitating illness strikes you, or worse, you suddenly pass away. You never made a succession plan; therefore, your business—the one you spent a lifetime of hard work to build--will move out of your family's control. 

Sponsoring Jefferson County Triad

Previous posts have touched on Karen's support of local and global nonprofits. Karen feels strongly about giving back to the community and has always been a vocal supporter, in particular, of her local senior communities. As an attorney emphasizing estate planning, Karen has the privilege of hearing many personal stories from clients about concerns and priorities among the senior citizens of Colorado. Her passion for senior issues is more than just professional, however. Promoting the physical and mental health of senior citizens is important for any healthy community.

Workplace Compliance Scam

With the dawn of a new year, scams and spam letters can be hard to separate from real correspondences about bills and taxes.

A business planning client recently received the attached letter, which states that the recipient business must pay to file a report in order to stay compliant with Colorado law. Because the letter quotes Colorado business law in the first few paragraphs and directly references the client's relationship with the Law Offices of Karen Brady, it's easy to mistake it for a legitimate government correspondence. Further inspection, however, reveals it as an unnecessary service at best and scam at worst. With our clients' permission, we would like to share some of the warning signs and preventative steps to help you stay away from scams in the future.

What Do Lawyers and Journalists Have in Common?

Most of you have likely heard of the 5 Ws in the context of journalism and problem solving. The answers to these questions, when applied to contracts or legal documents, can help minimize disputes and ensure all parties are satisfied. For this reason, Karen always advises her clients to review all contracts--including, but not limited to, estate planning documents--for the 5 Ws.

Do you have these qualities for a successful startup?

When you have an idea for a product or service, that passion can inspire you to start your own business. How do you turn it into something successful?

The percentage of startups that fail is high, but that does not mean that failure is inevitable. You actually have more control over your success than you may think. It all boils down to having the right qualities, which entail more than just a vision and business skills.

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Law Offices of Karen Brady, P.C.
5400 Ward Road, Building 5-170
Arvada, CO 80002

Toll Free: 888-806-7304
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Fax: 303-424-2599
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