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COLORADO ESTATE PLANNING FAQ
Q: Isn’t Colorado Estate planning only for the wealthy or for those with children?
A: No! Nearly everyone needs Colorado Estate Planning because nearly everyone has an estate.
Your estate includes everything you own – your home and everything in it, other real estate,
vehicles, bank accounts, life insurance, investments, etc. Your estate plan will include
instructions about what you want to distribute to whom, and when you
want them to receive it.
Q: What can I expect during the Colorado estate planning process?
A: Before our first meeting, we will send you a questionnaire that will help you think
through the issues we will address, including an inventory of your assets.
Your assets include: insurance policies, all investments and savings, your personal possessions, and any real estate and business interests you might have.
Q: I’m not what I would call “wealthy.” Do I need to establish a trust?
A: In some cases. Depending on your individual situation, a trust may be the best way to protect your estate or your minor children. Trusts have restrictions that you need to consider before placing your assets in a Trust.
Q: What is a Living Will?
A: A living will sets forth your wishes for your care in the event of illness or incapacity. Having a living will allows you to make decisions now about certain life prolonging treatments. It only becomes effective in the event you are incapacitated and gives loved ones the comfort of knowing that your wishes are carried out.
Q: Can I ensure a tax-free charitable contribution to a particular organization upon my death?
A: Absolutely! When you donate a portion of your estate to a charitable fund, your investment will continue to grow tax-free.
Q: I already have an estate plan. How often should I have an attorney review it?
A: It’s important to review your Estate Plan with a trusted attorney every 5 years, or anytime there is a change in your life circumstances, including marriage, birth or adoption of a child, divorce, retirement, or death of a family member. Laws governing estate planning and the federal estate tax exemption, which determines the amount you may leave to heirs free of federal tax, change frequently. Your circumstances may have changed as well. It is always wise to review your plan every few years in order to determine what, if any, changes need to be made.
Additional questions? We will be happy to answer them.