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Estate Planning Archives

Firearms Law and Inheritance

Ownership and possession of firearms is heavily regulated. As a result, many people unknowingly violate the law. Especially in the State of Colorado where gun legislation is regularly being discussed by the Colorado General Assembly, across a wide spectrum of issues. Including, but not limited to, a bill on the "Penalty For Burglary of Firearms", another on the "Firearms Rights of Medical Marijuana Users", and then one on the "Transfer of Property Rights at Death".

How divorce and remarriage could impact your Colorado estate plan

Whether the proverbial ink has just dried on your divorce decree or you have been divorced long enough to already enter into a subsequent marriage, you should read this. After the turmoil of a divorce, one of the last things on your mind is probably the impact that it will have on your estate plan, but, you must understand what will happen if you don't review and redraft those vital documents.

The danger of gifting property in equal shares

They are often some of the best memories: family gathered together during the holidays or a summer vacation with children playing and adults debating. As children move away how can you keep this meeting spot in the family? For a cabin or remote property who will pay for the upkeep? What happens if no one uses it at some point?

4 ways to simplify estate planning

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.

The Dangers of Putting Your Kids' Names on Your Assets

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.

How can I keep my children from fighting over my estate?

In Colorado, it is not uncommon for the adult children of a recently deceased loved one to bicker, fight and act negatively towards each other over inheritance disputes. While you are creating your estate plans, one question that may be on your mind is how you can keep your adult children from fighting over your estate? According to A Place for Mom, your children should work on being supportive towards each other instead of bickering and fighting over estate affairs. Their disagreements will only add to any confusion and uncertainty that may be going on.

Why estate planning is so important

It is never too early for anyone to start estate planning in Colorado. Estate planning is very important because it does not just protect estates and their beneficiaries, it also protects the final wishes of the testators. According to Investopedia, not having an estate plan can negate any final wishes that the deceased leaves behind. If there are young children involved, the courts can decide who gets custody of them. Other consequences of not having wills, trusts and other estate planning documents include inheritance complications for beneficiaries and the assets being divided up in a manner that the person leaving behind the estate does not want.

Debts and estates

Sometimes, when a loved one passes away in Colorado and they leave debts and unsettled financial affairs in their estate, it causes unexpected complications for their family members. Debts do not just disappear when a loved one dies. Depending on the creditors involved and the type of debts the deceased left behind, any outstanding obligations can offset their estate.

Estate planning and inheritance: Preventing family conflict

In Colorado, inheritance issues are often a source of contention among family members. Along with creating internal conflicts, inheritance disputes can lead to lengthy and expensive court battles. Fortunately, there are ways to prevent these issues and to limit the amount of conflict that ensues between family members.

How can I avoid making mistakes with my inheritance?

If you recently received an inheritance in Colorado, you may be wondering how you can avoid making mistakes with it. As exciting and unexpected as receiving a legacy can be, there are measures you can take to ensure that you use it wisely. According to US News, it is a good idea for you to remain low-key about your newfound wealth and to wait a short while before you start spending any of your inheritance money or giving it away.

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Brady, McFarland & Lord, LLC
5400 Ward Road, Building 5-170
Arvada, CO 80002

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