Avoiding ancillary probate is easy. By putting real estate into something called a nominee trust or living trust, ancillary probate proceedings and the associated expense can be avoided. As an alternative to a living trust, a limited liability company can be created, the real estate transferred to the company and then ownership in the company can be transferred to the heirs through the primary probate proceeding…
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.
Don’t have a will? Well, don’t feel bad. You’re in good company. Many celebrities have died without an estate plan. Here are just a few with interesting twists. Prince Rogers Nelson (Prince) Prince died on April 21, 2016 and apparently had no will. While the value of Prince’s estate is the subject of speculation, it […]
Estate planning mistakes can be expensive and happen to even the most thorough of people. This is a list of common estate planning mistakes we have either seen or gathered from sources. Not having an estate plan. What would be a list of planning mistakes if we did not start with the most obvious and […]
Do you really need a revocable trust estate plan? We have no hard and fast rule on this subject because there are additional upfront costs and then continuing costs of a revocable trust plan. The continuing costs revolve around making sure certain assets are in the revocable trust or made payable to the revocable trust […]
I have been drafting estate plans for about twenty years. For about twenty years, I have successfully avoided making trusts the beneficiary of retirement accounts, save for a few occasions. However, recent federal court cases stripping the asset protection benefits of inherited Individual Retirement Accounts (IRAs) have put an end to that streak. Protecting retirement accounts from a beneficiary’s creditors requires a stand-alone retirement account trust.
Short answer: It’s about the money. Little longer answer: The estate planning questionnaire tells your estate planning attorney what type of plan may be best for you and can save many hours in attorney time upon your death.
Along with other temporary estate and gift tax changes in 2011 and 2012, Congress made a deceased spouse’s unused estate tax exemption portable. At first glance, this sounds like a good thing. However, most married couples would be better off just pretending that this so-called benefit doesn’t exist. Here is why.
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.
[Misconception #12] Our office routinely handles the same questions or misconceptions about the Colorado probate process. Twelve of the most common Colorado probate misconceptions are listed in this 12 part series…