Inheritances and disinheritance of your kids.

On June 28, 2013

Inheritances in today’s world of 1st, 2nd and 3rd marriages “family” things can get complex. In all states (except Louisiana), children do not have any inherent “rights” to an inheritance. You can leave your money and assets to anyone you want, and can eliminate anyone you want. Only if you fail to clearly state your intent via an appropriate legal document (usually a Will or a Living Trust), will natural heirs obtain “rights” to inherit. This is usually referred to…
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Estate planning is a basic need for everyone

On June 28, 2013

Some Colorado residents may have common misconceptions about what an estate is in legal terms and whether estate planning is necessary. Most people have estates, whether they know it or not: Even a child who inherited his or her grandmother’s heirloom ring or who has a savings account has an estate. If people own something of value that they want to pass along to someone else when they die, they need an estate plan. When people die without a will,…
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Estate planning is necessary for Colorado families

On June 20, 2013

If you are young, the time to have your estate planning documents in place is now. Many people choose to wait until their later years before having the necessary documents prepared; however, the best time is now for those who have yet to begin their families. No one likes to think about potential tragedy; however, unfortunate events that shatter families can occur at any moment. The proper estate planning can put people’s minds at ease. For example, if both parents…
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New tax rules modify effective estate planning

On June 14, 2013

The changes to the United States tax laws in 2012 have ramifications on estate plans. Colorado residents should consider the consequences that the tax laws will have on their individual estate planning. The goal of estate planning is to preserve assets, and the tax implications of the new laws create estate planning concerns. The 2012 changes raised the highest income tax rate to 39.6 percent, and the taxes on some capital gains and dividends increased to 20 percent. Investment income…
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Owners of 529 plans may want to review successors

On June 6, 2013

Colorado residents who have saved money for college in 529 plans may want to check who the successor is on the plan, if a successor is listed at all. Many owners of the tax-advantaged savings plans may not be aware that 529 plans are transferred to successor owners in the event of the original owner’s death. If the owner didn’t choose a successor, the plan could be transferred to someone who won’t use the money for its intended purpose. Owners…
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