Are you sure you truly own your home? In Colorado, there’s a simple way to find out—by ordering an Ownership & Encumbrance (O&E) report. An O&E report, available from a title insurance company, provides a snapshot of your property’s legal status. It includes the most recent deed in the chain of title, any recorded liens, […]
NGOs have been greatly abused by a relatively few. Sad because NGOs improve the lives of millions while the abusers grab the headlines. The solution, unfortunately, is more efficient oversight of NGOs. Until then, do your homework and ask the right questions. What is an NGO? NGO stands for non-governmental organization. One type of NGO […]
Rumor is, some Los Angeles fire victims are having difficulty with their insurance when the home is held in trust. While I find this hard to believe, naming the trust as an insured or additional insured usually avoids the issue. Why Put Your Home In A Trust A personal residence (a “home”) is often held […]
Should you hold your residential real estate in a trust or an LLC? Trusts may be emerging as the better option. Here is why. Background Regarding LLCs and Colorado Real Estate Over the last 20 years, LLCs became the preferred way to hold Colorado rental real estate because the LLC provided privacy and limited liability […]
Colorado recognizes prenuptial and post-nuptial agreements. A spouse can waive virtually all rights except child support. The question is, should they? Prenuptial Agreement Contents Most prenuptial agreements start with both spouses waiving all rights to the other spouse’s property whether that property is acquired before or during the marriage. The spouses also waive any right […]
Perhaps the most common reason clients create a trust is to protect real estate from probate. How the trust is funded with real estate depends on the specific situation. How to Fund Your Trust with Real Estate Real estate can fund a trust either by being conveyed to the trust or by some version of […]
Nothing is more confusing to an estate planning client than the Marital Trust. To understand the Marital Trust requires stepping back in time. History of the Unlimited Marital Deduction In 1976, my grandfather passed away suddenly. I can still see my grandmother’s tears and look of anguish as we approached the farmhouse door. Then […]
In 1916, the U.S. enacted a tax on estates. And also in 1916, the U.S. established the first exemption from estate tax for estates below $40,000. It has been a wild ride ever since. In 1993, the exemption from estate tax was $600,000. In 2002 the exemption was $1,000,000. In 2024 the exemption is $13,610,000. […]
Starting January 1, 2024, small corporations, LLCs, and similar entities are required to report beneficial ownership information to the Treasury’s Financial Crime Enforcement Network (FinCEN). The penalty for failure to file is up to two years in prison and $10,000. A beneficial owner is any individual who directly or indirectly exercises substantial control over the […]
Mineral interests can become fragmented, difficult to trace, and expensive to transfer. Holding mineral interests in an LLC can solve all three problems. The phrase “mineral interest” is used broadly to describe rights to gas, oil, and other minerals at or below the surface of land. Mineral interests are further divided into royalty interests, working […]