Category: Colorado Special Needs Planning

The bad news: probated estates in Colorado are subject to a variety of costs from attorneys, personal representatives, appraisers, accountants, courts, and state law. Depending on the probate’s complexity, fees can run into tens of thousands of dollars. Continue reading →

While many wines get better with age, the same cannot be said for some irrevocable trusts.

Maybe you’re the beneficiary of trust created by your great grandfather over seventy years ago and that trust no longer makes sense. Or, maybe you created an irrevocable trust over twenty years ago and it no longer makes sense. Wine connoisseurs may ask: Is there any way to fix an irrevocable trust that has turned from a fine wine into vinegar? You may be surprised to learn that under certain circumstances the answer is yes, by “decanting” the old broken trust into a brand new one. Continue reading →

While there are many factors to consider when choosing the place where you will retire, the ones that will impact your wallet may be the most important. Why? Because having a low crime rate and beautiful weather will be irrelevant if high costs deplete your retirement nest egg faster than anticipated. Continue reading →

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 →

Coloradoans with children or modest assets should seriously consider some minimal estate planning, but the increasing number of blended families underscores the need for proper estate planning. Continue reading →

Sometimes the planning of the rich and famous helps us better understand what mere mortals can accomplish through proper planning. Such is the case with the recent planning of Facebook co-founders Mark Zuckerberg and Dustin Moskovitz, and CEO Sheryl Sandberg. The footnotes to Facebook’s recent public stock offering reflect that these executives apparently used a tried-and-true estate planning technique known as a Grantor Retained Annuity Trust (GRAT) to transfer upwards of $200 million free of gift and estate tax. Continue reading →

With Coloradoans living longer due to advances in medicine and changes in lifestyle, odds are that most of us will become disabled for some time before we die and may need long-term care. Unfortunately, too few plan for an event that is more likely to be a probability than a possibility—and the consequences of not planning can be disastrous for all involved. Continue reading →

The Internal Revenue Service has released the official inflation adjustments that will affect 2016 federal reporting for estate taxes, gift taxes, generation-skipping transfer taxes, and estate and trust income taxes. These changes will affect the way Davis Schilken helps you plan as 2015 comes to an end. Continue reading →

Financial Smarts Peak at 50, Here’s How to Protect Your Older Self

A recent study conducted by Texas Tech University concluded that the ability to make smart financial decisions peaks at age 50. This decline was observed in both men and women, making both sexes equally vulnerable to financial fraud as they age. Continue reading →

Financial Firms Roll Out Form Aimed at Stopping Financial Elder Abuse

In Colorado, cases of financial exploitation of the elderly are on the rise. Advisors who work with older clients are looking for ways to head off the abuse before it happens. Enter the “Emergency Contact Authorization Form,” a document in which clients can list a trusted person who should be contacted if an advisor suspects a client is starting to lose their mental capacity or, worse yet, being financially abused or scammed. Continue reading →