Areas of Practice
ESTATE PLANNING
Estate planning is the process of arranging and preparing for the distribution of a person's assets after their death. It involves making decisions about who will inherit your property and wealth, and how your debts and taxes will be paid. The goal of estate planning is to ensure that your wishes are carried out and that your assets are distributed in a way that is efficient and minimizes the impact of taxes and other expenses.
Some of the key components of estate planning include writing a will, setting up trusts, naming beneficiaries for retirement accounts and insurance policies, and making decisions about end-of-life medical care. Estate planning can also involve transferring assets during your lifetime to reduce the size of your estate and minimize future tax liabilities.
It's important to note that estate planning is not just for the wealthy. Everyone, regardless of the size of their estate, can benefit from having a plan in place for the distribution of their assets after death. Estate planning can help ensure that your loved ones are provided for and that your property and wealth are distributed according to your wishes.
Probate is the legal process by which a deceased person's estate is administered and distributed to their heirs or beneficiaries. The purpose of probate is to ensure that a deceased person's debts are paid and their assets are distributed according to their will or the laws of intestacy (when the person died without a will).
During probate, the court will appoint a representative, known as the executor or personal representative, to oversee the administration of the estate. The executor is responsible for gathering the deceased person's assets, paying debts and taxes, and distributing the remaining assets to the beneficiaries.
Probate can be a time-consuming and expensive process, and it is public, meaning that the details of the estate and its distribution are a matter of public record. However, some assets, such as those in a trust or those with named beneficiaries, may be able to bypass probate and be distributed directly to the beneficiaries.
It's important to note that estate planning, such as setting up a will or trust, can help to minimize the impact of probate and ensure that your assets are distributed according to your wishes. An experienced estate planning attorney can help guide you through the probate process and ensure that your assets are distributed efficiently and in accordance with your wishes.
ESTATE & TRUST ADMINISTRATION
To some extent, aging adults have different legal needs than younger adults. For example, health care, retirement, disability, guardianship, and long-term care are generally more concerning to older adults than to younger adults. At Care Law Colorado, we are trained to understand the unique challenges and opportunities faced by older adults, and we will work with our clients and their families to develop personalized plans to address their specific legal and financial needs. If you or a loved one are facing legal issues related to aging, we can help ensure that your rights and interests are protected. We pride ourselves in being advocates for older adults and their loved ones.