Many tax planning wills and trusts have a little secret hidden deep down inside – the up front expense of long-term estate tax planning. There is a cost to a will or revocable trust that creates irrevocable, tax planning trusts at death. A person should always review that plan and ask himself or [...]
Hurray! The federal estate tax exemption is 1.5 million this year. Hurray! A married couple with a tax planning estate plan can shelter up to 3 million from federal estate tax. Hurray! The federal exemption will go even higher in the year 2009. But … what about STATE estate [...]
Joint tenancy is a convenient form of ownership. It is a form of ownership that has been encouraged in the marketplace by financial institutions and, to some extent, by professional advisors. Joint tenancy, it is estimated, is utilized in most married couples’ estate plans. Because of the survivorship feature of joint tenancy, it is thought [...]
Beneficiary Designations and Beneficiary Deeds in Colorado
Beneficiary designations have long been used to avoid probate upon death. Bank accounts, investment accounts, retirement accounts and life insurance can be transferred upon death by naming a beneficiary to the account or life insurance proceeds. However, when it comes to real estate, designating a beneficiary is not allowed [...]
Ancillary Probate Can Cause Thousands
If a person dies owning real estate outside of their state of domicile, their heirs may needlessly pay thousands in ancillary probate expense. The expense of ancillary probate can be avoided by using a beneficiary deed, a trust or a company.
Colorado probate is a legal process by which title to [...]
Collecting a Debt from a Deceased: What Happens to A Person’s Debt When He Dies?
The death of a friend or working acquaintance is always a traumatic experience. However, if you are owed money, along with the sympathy card, send a written request for payment of any debts. Address that request to the personal representative of [...]
Today I am going to write about something mundane and boring – unless of course you find yourself in this situation. In that case, it could net you about $30,000.00+. The topic is the exempt property allowance and family allowance.
The Exempt Property Allowance and the Family Allowance
When a person dies and a probate proceeding is [...]
Douglas A. Turner, Esq., the founder of our firm, is a Colorado-based attorney with over 15 years of experience in estate planning, probate, asset protection, family wealth preservation, Colorado real estate, company formation, and business law. To learn more, contact us at 800-850-0607. • Meet Our Team •