Estate planning for married couples in Colorado can be tricky when one spouse is significantly wealthier than the other and each spouse wants different beneficiaries to ultimately inherit their estate. One solution to this problem is the Lifetime QTIP (Qualified Terminal Interest Property) Trust. Continue reading
Planning For Your Parents in Your Estate Plan
If you are part of the baby boomer generation in Colorado (born between 1946 and 1964), you may also find that you are a member of the sandwich generation, with responsibilities to both your parents (now or in the future) and your children. This should change the way you think about estate planning–instead of the traditional approach of how to leave assets to your children and future generations, you may also need to include providing for the previous generation (your parents). Continue reading
Comprehensive estate planning in Colorado is about more than your legacy after death, avoiding probate, and saving on taxes. At Davis Schilken, PC, we believe that it must also be about having a plan in place to manage your affairs if you become incapacitated. Continue reading
3 Powers to Consider Giving to a Trust Protector in Colorado (Estate Planning)
Many of the estate plans Davis Schilken prepares for clients 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.