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

U.S. Law Dictates Spousal Support from Retirement Pay

Set Up an Appointment with one of our Attorneys In the recent US Supreme Court case of Howell v. Howell, 137 S.Ct. 1400 (2017), it was held that a state court may not order a veteran to pay more spousal support for the loss in the divorced spouse’s portion of the veteran’s retirement pay caused by the veteran’s waiver of retirement pay to receive service-related disability benefits. See the news report here. Background: Federal Law Preempts Unless Congress Says Otherwise Because the

Do You Need a Buy-Sell Agreement?

As a family business begins to plan for its longevity, a buyers – sellers agreement can play a very critical role. These agreements provide a thorough description of how ownership will transfer at the time of the death or incapacity of the business’s owner. While buy-sell agreements provide a deal about how the heirs of a deceased or disabled owner will receive assets from a company, clients often wonder whether they need a buy-sell agreement. The answer this question

Colorado’s End of Life Law

Colorado’s End of Life Law: Death With Dignity  How the state of Colorado treats terminal illness with the new end of life law is about to change significantly which results in a substantial change to estate planning. The End of Life Options Act was certified by Governor Hickenlooper at the end of 2016. This law makes it legal for a terminally ill, mentally capable adults can obtain life-ending medication. The law also makes it legal for health care providers to prescribe

Abusing Power of Attorney

Cases of Abusing Power of Attorney In a recent case of severe abuse of power of attorney against a vulnerable adult, a man was sentenced to four years in prison. The individual pleaded guilty to stealing more than $600,000 from his mother who has acute dementia and had no way to understand that her son was taking the money. The man liquidated many of the woman’s bank accounts and proceeded to spend the woman’s money. The exploitation of the woman’s money

Buy-Sell Agreement Advice for Baby Boomers

An increasing number of business owners in the baby boomer generation are planning to transition out of their business. If an individual has their retirement savings connected to a business and there is a delay in selling or an individual is not sure about how to obtain the full amount from a business, retirement could be postponed or sometimes not even possible. A buyers-sellers agreement or business succession plan can prove to be particularly important for baby boomers who are interested in retiring.

Living Wills for Younger Individuals

Many younger individuals believe that they do not need living wills, because they are young and healthy. Despite the invulnerable feeling of youth experienced by many individuals, there is still the unfortunate possibility that a young person could fall ill or become seriously injured and require the assistance of estate planning tools. By taking the time to consider the purpose of advance planning documents at a young age, individuals can prepare in case the worst scenario does happen. A seasoned estate

Estate Planning with Pets and Pet Trusts

In many cases when an individual dies, the individual’s pets are surrendered to shelters. In other cases, pets are distributed to whoever receives other possessions of the deceased individual. With estate planning, however, individuals are frequently able to craft statements concerning exactly what should happen to pets after the individual’s death. The American Society for the Prevention of Cruelty to Animals estimates that approximately 400,000 pets each year must find new homes because their owners die. A skilled estate planning is often

What Happens to Contracts When the Service Disabled Veteran Dies?

There are various federal contracts owned by particular classifications of individuals including veterans. The unexpected death of a service disabled veteran business owner, however, can leave an individual with numerous questions about how ownership of the contract will transfer. This entry will note some elements about these contracts when the certified owner dies and another individual, which could be a spouse or a child, becomes the new owner of the contract. It is also important to remember that in many

Estate Planning Advice Before Traveling

Each year during the spring and summer, many individuals take vacations to the beach, ski slopes, or various foreign locations. During the trip planning process for many people, not enough consideration is made for various estate planning concerns. Instead, individuals focus on budgeting time and finances to make such a trip possible. Individuals, however, who plan to go on even small vacations should make sure to perform adequate estate planning. With reports showing that paid holidays are available to 77 percent