What is Probate?

Colorado falls under the Uniform Probate Code which makes Colorado law consistent with that of some other states. Probate refers to “proof.” In the context of probate, proof relates to the form and content of wills. In a practical sense, probate has a broader application and applies to the activities involved in carrying out the wishes of a Testator or Testatrix (maker of a will) as set forth in a will, or the activities that occur to administer an

Colorado Estate Planning

Why Have a Memorandum Distributing Tangible Personal Property? It is important to have a plan to protect your heirs should something happen to you. Although putting together an estate plan may be something easily put on the backburner, having a plan will benefit you and your heirs. You should start with a will or trust document so that you choose to whom your assets will be distributed. If you pass without a will, then the state decides how your

Tax Consequences of Property Transfers to Family

Property transfers to family members can have tax consequences.  Business owners should have estate plans, but many owners are unaware of the tax implications associated with recapitalizing their business entities to help family members. Business owners probably already know that sales of stock, for example, have tax consequences. Selling stock for an amount for more than was paid for it (“in excess of basis”), results in a taxable gain. However, they may not realize that there are other transfers of property

Should I Take my Healthcare Claims to Arbitration?

A recent Pennsylvania appellate case permitted a nursing home facility to arbitrate the negligence healthcare claims against it.  Alternative dispute resolution (ADR), which includes arbitration, has risen as a strong alternative to the court system.  The healthcare attorneys at Whitcomb Law, P.C. understand its relationship to the healthcare sector and its importance in handling civil matters in a less adversarial process. The Rise of ADR ADR refers to the resolution of civil cases without a trial, outside of the typical court