Owning a large estate is not a prerequisite for needing an effective estate planning attorney. Nearly everyone has an estate or some type of property like stocks, a motor vehicle, or bank accounts that they wish to pass on to their family. Estate planning involves communicating your wishes to your loved ones beforehand so that they were informed about how you would like your property handled after you die.
While wills and trusts are very important and commonly used devices in estate planning, but the legal team at Whitcomb, Selinsky, McAuliffe, PC (WSM Law) invites you to discover some of the ways in which estate planning can prove to be beneficial which include the following tools.
Also known as advance medical directives, these devices tell people what type of medical care an individual would want or not want to receive in the event that they became incapacitated and could not speak for themselves. Medical powers of attorney specify who can make medical decisions on one’s behalf.
Financial Decisions with Powers of Attorney
Decisions made about powers of attorney allow individuals to make financial decisions in either temporary situations or permanents situations when an individual becomes incapacitated or loses their mental functions like in the case of Alzheimer’s.
Guardianship and Conservatorships
Decisions made under these estate planning devices ensure for the physical and financial care of children and vulnerable adults when an individual becomes incapacitated to the point of no longer being able to fully care for them.
Distributing Property After Death
Individuals in these situations frequently use wills, trusts, or deed changes to satisfy the various goals presented by estate planning including minimizing estate taxes, providing for a college education, or preparing for an eventual transition into a nursing home.
Many individuals interested in estate planning frequently wonder whether they will need a will, trust, or deed to country their own property. In many circumstances, individuals find that trusts are a better option when seeking to avoid probate or minimize estate taxes as much as possible.
Our estate planning attorneys are able to help individuals who need assistance with probate or the administration of an estate in the state of Colorado. Our legal counsel is also able to help individuals who wish to assist estate administrators or executors who wish to transfer or sell estate properties.
Tax Related Issues
Our firm can help you meet your goals through tax minimization strategies and other techniques. Some of the various taxation related problems that our firm can help resolve include federal estate taxes, federal gift taxes, and both estate and death taxes. Our firm is also particularly skilled in estate and gift planning as well planning for IRA inheritance.