As the end of the year approaches, it’s a good time to perform a quick check-up on your estate plan and address changes that might need to be made or take advantage of any tax opportunities. Below is a quick to-do list to cover the main items. Check Your Beneficiary Designations Beneficiary forms for assets […]
As the end of the year approaches, it’s a good time to think about your gifting strategy now that the lifetime exclusion amount has been permanently set at $15 million per individual (with an indexing provision to account for inflation). High net worth individuals can capitalize on this new, stable window to establish a multi-generational […]
For many families, real estate assets represent some of their largest assets. Planning for inheritance of real estate involves many factors which must be balanced in determining a family’s estate plan, e.g., income and estate tax planning, asset protection, rights to use among different heirs, ongoing management and ongoing funding of maintenance. Handling real estate […]
In Colorado, an estate typically must go through probate when a person passes away. Probate is a procedure that helps ensure the decedent’s liabilities are paid and assets are distributed to the rightful beneficiaries of the estate. Probate is generally required if the decedent owned real property in Colorado or if their estate is valued […]
The Thanksgiving holiday week is well-known to be the heaviest travel time of the year, bringing families and friends together from near and far. While you have them gathered in one place, it’s also the perfect time to talk about estate planning matters with your family. A big piece of the discussion is understanding how […]
If you’re a gun owner, having a plan for what happens to your gun is just as important as planning for the distribution of your possessions and assets if you become incapacitated or pass away. Creating a gun trust is the best way to legally and safely manage and transfer certain regulated weapons. What […]
A Qualified Personal Residence Trust (QPRT) can be a useful estate planning tool for strategically reducing gift and estate tax burdens on your beneficiaries when the asset is transferred. How QPRTs Work: A QPRT is an irrevocable trust. Once you transfer a property into the trust, you will not be able to take back ownership. […]
Most people are aware that disinheriting someone is the intentional act of preventing a person from receiving a share of the deceased’s estate. But “accidental” or “unintended” disinheritance is what happens when someone fully intends to leave assets to a family member, but improper or inaccurate estate planning practices result in that person being disinherited, […]
Most people are familiar with the basic needs of an estate plan: Will, Revocable Living Trust, Durable Power of Attorney and a Living Will or Health Care Power of Attorney. But high net worth estate planning requires individuals to also ensure that their estate plans are sophisticated and thorough enough to protect larger assets like […]
With the expected gift tax changes looming on the horizon, many clients are looking at ways to restructure estate plans to avoid estate and gift taxes. In this post, we’ll look at a few estate planning gifting strategies to consider: Family Trusts, Gifting Plans, Life Insurance Trusts, Grantor Retained Annuity Trusts (GRATS), and Spousal Limited […]
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