Basic Testamentary Documents: Last Will and Testament; Memorandum to Dispose of Personal Effects; Anatomical Gift Form; Memorial Letter. Basic testamentary documents enable you to decide how your assets are divided upon your death. Additionally, these documents can be created so that you do not have to draft a new or updated will when you change your mind as to how certain items of personal property should pass to your loved ones. These documents also include a letter enabling you to document your memorial wishes.
Revocable Living Trust Planning. Revocable Living Trusts are typically thought of as ways to avoid property passing through probate at death. This is entirely true—assets titled in the name of a revocable living trust do not form part of a person’s probate estate. However, Colorado has a streamlined informal probate process that makes the process of probate much easier, faster and less expensive than in many other states. Even with the streamlined probate process in Colorado, revocable living trusts are still useful in maintaining a family’s confidentiality, reducing the time needed to pass assets at death, and will greatly improve the process of passing property located outside of Colorado.
Life Insurance Trust Planning. Life Insurance Trusts provide a means for holding life insurance in a way that will not result in the payout value of the life insurance being included in the taxable estate of the insured. This method insures money will be available for the payment of estate taxes and expenses without increasing the potential tax liability of the estate. Irrevocable Life Insurance Trusts receive insurance proceeds on the death of the insured. Survivorship Standby Trusts receive insurance proceeds on the death of the second spouse to die but provide for access to the insurance cash value during the life of the insured.
Family Limited Liability Companies; Family Limited Partnerships. The use of business entities in wealth transfer planning is a powerful strategy that may be extremely useful in certain family situations. This area of planning is rapidly changing and experienced advice is crucial to success in this area.
Asset Protection Alternatives. Various asset protection alternatives are available for individuals interested in segregating their potential liability or that of a loved one. Typical alternatives include putting potentially liability producing assets in business entities to separate those assets from the owners other assets. The use of irrevocable trusts is also an important tool in this area—specifically to enable assets to be placed in a structure where they may benefit a disabled child, parent or other loved one with disqualifying that person from private or public benefits such as Medicaid. The timing of these transfers is crucial to their effectiveness, irrespective of what alternative is chosen as best in a particular situation.
Charitable Trust Planning. These services include:
Private Family Foundations and Other Charitable Services. These services include:
Disability Planning Documents: Durable General Power of Attorney; Durable Medical Power of Attorney; Living Will; HIPAA Authorization. Disability planning documents provide the basic foundation for your estate plan. These documents enable a person of your choice to make decisions on your behalf if you are alive but unable to make decisions on your own. Additionally, these documents provide a way to protect your choices regarding your health care if the person of your choice is unavailable to make decisions for you.
Business Services and Compliance. These services include:
Business Transactional Services. These services include:
