A “family trust” sounds like something for wealthy families, and it’s true that many people with significant assets do have a family trust. But you may know these trusts better as living trusts, and they can benefit families of all types, regardless of their level of income or assets. Continue reading
Month: May 2015
Do I Need Family Business Succession Planning?
Most people who start family-owned businesses do so with the future of their family in mind, with visions of providing a legacy and income stream for their children, grandchildren, and beyond. Yet research indicates that only thirty percent of family-owned businesses survive the transition from the founders to the second generation of owners; the survival rate decreases with each succeeding generation. A lifetime of hard work can dissipate in a moment without careful planning. Continue reading
3 Powers to Consider Giving to a Trust Protector
Today many estate plans contain irrevocable trusts that will continue for the benefit of a spouse’s lifetime and then for the benefit of several generations. Since these trusts are designed to span multiple decades, it is important that they include a trust protector who will have the ability to adjust the trust provisions as circumstances, beneficiaries, and governing laws change. Continue reading
How to Make a Family Meeting a Successful Part of the Estate Planning Process
You’ve made the hard decisions, your documents are signed, your trust is funded, a business succession plan is in place. Congratulations, you’ve finished your estate planning. But have you, really? Have you explained your planning to your family? Will they understand how your plan will work and what they may need to do if you become ill or when you die? Will they wonder why you made certain decisions? Continue reading
How Long Does Probate Take in Colorado?
It’s not uncommon to hear someone say, in the months after a death, that “the estate is tied up in probate.” Those words evoke an image of endless paperwork and interminable court hearings, not to mention significant expense. But how long does probate really take in Colorado? Continue reading
Colorado Medical Power of Attorney: What Is It?
In Colorado, all adults have the legal right to make decisions about their own health care, including consenting to, or refusing, medical treatment. Most of us are accustomed to making these decisions for ourselves and communicating them directly to our health care providers. Continue reading