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A/B Trust

The A/B Trust is a type of Revocable Living Trust often used by married couples, wherein two trusts (i.e., trust A, also known as the “marital deduction trust”, and trust B, also known as the “credit shelter trust”) are created upon the death of the first spouse. By distributing the couple’s estate into two trusts when the first spouse dies, each spouse can, in theory, pass the maximum amount of property allowed to avoid federal estate taxes.

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Colorado Joint Power of Attorney

We often get asked to name multiple children, jointly, on medical powers of attorney, financial powers of attorney and as trustees. While there are legitimate reasons why clients want to name joint power holders, be aware of the potential costs.

Conservatorship

The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.

Conservator

The Conservator is a person designated by the probate court to oversee the assets of a protected person who, because of age, intellect or health, is incapable of managing his/her own affairs.

Common Disaster Clause

A Common Disaster Clause is a clause in a will that specifies how property is to be distributed, in the event that all intended heirs die from the same accident.

Community Property

In some states, the law requires that all assets obtained during marriage belong equally to both spouses, excluding gifts and inheritance given specifically to one spouse. Such assets are termed community property. However, Colorado is not a community property state.

Codicil

A codicil is a written change, amendment, supplement or addition to a person’s will. It may modify, add to, subtract from, clarify, qualify, alter, or revoke provisions in a will. A codicil is executed with all the formalities of the will itself.

Closely-Held Business

The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.

Charitable Remainder Trust

A Charitable Remainder Trust is often used to make large donations (of either property or money) to a charity so that the donor can obtain a tax advantage.

By Representation, Per Capita at Each Generation, Per Stirpes

The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.