Douglas A. Turner, P.C.

Family limited partnerships are poised to make a comeback because massive increases in estate taxes are only 4 short months away. A family limited partnership is an entity that holds assets contributed by parents and gifted to children over time. For example, the parents may own a vacation home that they want to gift to the children over time but still maintain some interest or control over the property.

At least once a year we get a frantic call from a parent with a slightly out of control minor or adult child. The question from the parent is, “Can the child get at the money in the custodial account”? The answer is usually a simple yes or no, but it underscores a more important question. How should parents make cash gifts to children? The answer is pretty easy. Use an irrevocable trust and not a 2503(c) or minors trust.

Everybody knows they should have a will, but is it really necessary? The answer is pretty easy if there are children involved from a prior relationship. The answer is a definite yes. Here is why.

The death of the family matriarch or patriarch combined with a blended family or adopted children can become a financial and emotional disaster. Even the smallest dispute can result in large legal bills. The way to avoid the this financial disaster and deep emotional trauma is to forgive, and if you are the unforgiven, well, do your best to open the lines of communication and stay out of the courthouse. That said, the path of the unforgiven is often preordained.

In drafting Colorado wills, we get asked to explain the difference between a personal representative, a trustee, a guardian, a conservator and an agent under a power of attorney. While all five roles are filled by fiduciaries, the responsibilities are different.

We get many questions about living wills, what they mean and when they apply. A living will is not a medical power of attorney or a living trust. Often, all three of these terms get confused.

One of the primary reasons we open Colorado probate estates is to transfer real estate from the deceased person to the new owners. Here are the various ways we make that transfer and how to minimize the transfer costs of Colorado probate real estate.

Coming soon to a state near you is the demise of the third party special needs trust. Here is why and what to do about it.

Almost always, the death of a parent causes some sibling issues to bubble to the surface. In most families, the issues are dealt with, ignored, or siblings go on with their lives without a fuss. On occasion, those issues explode into litigation. So what is the fuse that ignites the explosion? Personal property.

Many people try to avoid Colorado probate because of the perceived expense. To avoid a Colorado probate proceeding upon death, Colorado real and personal property must pass to the heirs by other means. In the case of real estate, Colorado quitclaim deeds (note: not Colorado quit claim deeds, as erroneously written at times) are often used. In most cases, however, the better alternative is a Colorado beneficiary deed.