A Colorado estate planning attorney can help you create a comprehensive plan to pass on your assets. This process includes drafting a will and/or trust, along with power of attorney, advance medical directives, and more.
A Colorado estate plan helps individuals avoid probate, reduce taxes, and make decisions regarding their health care. It also provides protection for beneficiaries.
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Wills
The last will and testament is a core element of any estate plan. It outlines how you would like your assets, such as property and financial wealth, to be distributed after death and who should manage your estate (the executor). It can also provide guardianship for minor children.
It is important to update your estate plan documents after a life event, such as the birth of a child, a divorce, a move to another state, retirement and the death of a family member or close friend. This ensures that the documents continue to reflect your desires and goals.
Colorado law dictates how your property will be divided up if you die without a will in place. This can cause financial problems for your loved ones.
Trusts
Trusts are a key component of a comprehensive estate plan, and they can be used to accomplish a wide variety of goals. These include avoiding probate, protecting privacy, and providing tax benefits. A Parker, Colorado estate planning attorney can advise clients on the appropriate use of a trust for their particular needs.
It is important to update estate plans as life events occur, such as marriages or divorces, births and deaths of children or grandchildren, retirement, real estate purchases, new business ventures, and investment activities. These documents may also need to be revised to reflect changes in tax laws and regulations.
Our Denver law firm can help you develop an assisted living plan, which provides funding for long-term care without depleting your life savings.
Powers of Attorney
Powers of attorney (POAs) allow you to appoint someone else to manage your finances in the event that you become incapacitated. A durable financial POA typically has significant power and is generally paired with a living will (advance medical directive).
A Colorado estate planning lawyer can create or assist you in creating a power of attorney that meets your specific goals. In most cases, a power of attorney should be notarized. This will help to ensure that it is a valid legal document.
It is important to choose an agent (also called an attorney-in-fact) who is trustworthy and able to understand your wishes and intentions. The person should also be in good health and located close to your home or office so that they can act promptly when needed.
Health Care Directives
Many people assume that they do not need to draft an estate plan until they are old and on their deathbed. This is a mistake that can cost you and your loved ones money and unnecessary stress.
A health care directive (also known as a living will) allows you to specify your end-of-life medical preferences, including whether to withhold life-sustaining treatment. It also names a health care agent, who is obligated to follow your wishes and values.
In Colorado, a health care directive can be made by any adult of legal age. It must be witnessed and notarized, and a copy should be given to your health care agent(s) and any family members who want to know your wishes. A CPR directive specifies how, if at all, you want emergency medical personnel to try to restart your heart by chest compressions and/or electric shocks.
Taxes
Regardless of the size or value of an estate, people need a plan to ensure that their assets are protected and distributed according to their wishes. Our caring estate tax attorney can help you with this process. We can handle the confusing estate planning paperwork, come up with solutions based on a deep wealth of estate planning knowledge and give you supreme peace of mind.
We can help you avoid probate, qualify for medicaid, choose a guardian for your children and minimize taxes. Our goal is to help you achieve your family and financial goals. We also help clients with business tax issues, IRS challenges, audits and other tax-related matters. In addition, we assist clients with real estate transactions and zoning issues.