When it comes to estate planning and retirement accounts in Colorado, the one thing you should try to avoid is making your estate the beneficiary. If you do not name your heirs on your IRA retirement accounts, then probate court will attach them to your estate, leaving it vulnerable to creditors. Not naming your loved ones as beneficiaries on your IRA accounts can also cheat them out the tax benefits and their inheritances.
When it comes to estate planning, not many people in Colorado give much thought about what will happen to their pets when they die. Many of them assume that they will outlive their pets so there is no need for them to plan for their care. As uncomfortable as it may be for them to think of life without their pets, it can be even more unbearable for them to think of the life their pets may live when after they are gone.
At the Arvada Law Offices of Karen Brady, P.C., we create comprehensive estate plans for our clients. As we have previously blogged, the revocable living trust is a vehicle that can allow you to bypass the probate process in Colorado state court as well as provide a seamless way to have your assets managed without court involvement should you become incapacitated.
As you are making plans to protect your estate in Colorado after you die, you may find yourself wondering what types of trusts you can use. According to CNN Money, the advantages to using trusts are many, including the ability to choose who manages your estate once you pass away, reduce how much of your assets creditors can touch and avoiding the costly probate process.
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.
As the parent of a special needs child in Colorado, you may be pondering how you can see to his or her welfare and provide for them if they happen to outlive you. One of the most important things you can do for your kid to protect them and to maintain their quality of life is to plan for their future with a special needs trust.
One way people in Colorado can ensure that their assets are protected after death is with estate planning. Estate planning does not just help to ensure that final wishes are honored, it is also a good way to make sure the deceased person’s assets are protected from creditors and litigation.
The end of a relationship is always painful. It can often become even more difficult, however, when divorce forces both parties to divide their assets. Even without a pre-nuptial agreement, however, there are steps you can take to separate and protect your assets. Depending on the type of asset and the state you live in, trusts can provide limited protection against the division of spousal assets.
While parents in Colorado naturally want to make sure their children are taken care of, some may be concerned that merely providing financial support will not be sufficient to ensure stability. Drafting a will that distributes funds to heirs may not seem as appealing in these situations, if there are not any resources dedicated to providing for the wise use of the inheritance.
A revocable living trust is an important part of many people’s estate plans. This kind of trust is similar to a will in that it contains instructions on what you want to happen to your assets when you die. However, a revocable living trust (living trust for short), allows you to skip the probate process.