Month: January 2015

It’s not uncommon for a Colorado resident to die, leaving behind heirs, but no estate to speak of. But what happens in the opposite circumstance—when a Colorado resident dies with assets, but no heirs to whom they can be distributed? The answer is found in Colorado Statutes section 15-12-914. Continue reading →

A trust is a means to set aside money or other assets for the benefit of one or more beneficiaries. The trust is managed by a trustee according to the terms of the trust document and state law. Trusts can reduce the tax burden on the creator of the trust and on beneficiaries, and are often used to avoid probate. Nearly all such trusts end at some point, with the assets in the trust distributed to beneficiaries. Continue reading →

If you’re an adult in your twenties or thirties, chances are that the idea of estate planning hasn’t even been a blip on your radar screen. But estate planning isn’t just for people with families, or businesses, or significant assets—though if you have any of those things, an estate plan is a must. Estate planning is for anyone who wants to exercise control over his or her future. Here are some things young adults, especially young professionals, need to consider. Continue reading →

If you are a Colorado resident who wants to minimize the trouble and expense of transferring your assets when you die, you have probably considered establishing a living trust. A living trust is a document that places your assets in a trust for your benefit during your lifetime and provides for the transfer of those assets after your death. During your life, for as long as you are able, you can be the trustee and remain in full control of your assets. During disability or after death, the control is transferred to a successor trustee. Continue reading →

When people think of estate planning, they often think about providing for children and grandchildren. Does that mean that childless Colorado individuals and couples don’t need an estate plan? Hardly. People without children need an estate plan as much as anyone else, but their needs are different in nature. Continue reading →

One of the most complicated areas of estate administration for Colorado personal representatives is the filing and payment of taxes. A decedent’s taxes can have a significant impact, not only on the estate, but on the personal representative (PR). Continue reading →