Compassionate and Comprehensive Planning for Individuals, Families and Businesses

At its core, estate planning generally refers to what happens to your assets when you die. Proper planning can and will accomplish much more. Whether you know it or not, the State of Colorado provides a plan for you. If you do nothing, the State Legislature has predetermined what will happen to your home, business, savings, and even your children.

 

Many people think of estate planning as simply having a will. The reality is that apart from expressing some desires, most wills, by themselves, do not do much more than what the state has directed. There is no way of knowing whether your will accomplished your goals until you are gone; and by then, if it didn’t, there isn’t much you can do about it.

 

Truly effective planning usually involves a living trust. A common misconception is that when you create a trust, you give up control. This simply is not true. While in some cases you may desire to give up control of your property, a trust should reflect your desires.

 

Estate Planning is used to give a family more control and provide protection of their assets.  Only around 30% of Americans have an Estate Plan.  Most will only have a Will or will be depending upon the government’s plan to take their assets through the court system.  Some may have joint ownership, beneficiary transfers in place, or just give away assets.  Few have a Living Trust.

 

Proper Estate Planning including a Living Trust will allow four financial goals to be achieved:

     1.  I want to control my property while I am alive and well.

     2.  I want to plan for myself and my loved ones if I become disabled.

     3.  I want to give what I have to whom I want the way I want; and .

     4.  I want to accomplish all of the above at fully disclosed and                          
          controlled costs to me and those that I love.

 

A trust-based Estate Plan can  give you flexibility and control as well as maintain your privacy and be sure your values have been included.  Protection of your assets from external sources, such as illness, divorce and remarriage and even creditors can be incorporated to the Trust.  You can even leave a social legacy in the form of a charitable gift and ensure your own dignity in case of disability.  

 

There are always Tax Issues to take into consideration in your Estate Plan.  Income taxes, estate taxes, and gift taxes are common concerns.

 

 

 

 

Estate Planning