Approaching aging parents about financial matters

On August 28, 2013

Conversations about finances, especially between adults and their aging parents, can be challenging. Whether living in Colorado or elsewhere, it’s important to be in on the financial plan, especially when an elderly parent falls ill or starts losing their memory. It’s best not to let the illness strike before developing a living will and setting up power of attorney, at the very least. There are several legal documents designed to guide families on how to handle the affairs of older…
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Misconceptions About Probate and Trusts pt.2

On August 26, 2013

An excerpt from an upcoming book on probate and living trusts from JR Phillips & Associates. Giving people information so they can make informed decisions about their estate planning. 3. Assets placed in a Living Trust are protected from creditors and Medicaid. This is patently untrue. A Living Trust is known as a “self-settled” trust where you cannot give yourself any protection from your own creditors. If you can get to the assets, so can they. In applications for Medicaid,…
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Include provisions for aging in estate planning

On August 23, 2013

People in Colorado who are engaged in their estate planning might want to include provisions denoting how they want their estates handled if they become unable to make financial decisions themselves in their living wills. Because more and more Americans are living longer, it is more important than ever now for people to plan for who will be in charge of their estates if they can’t do it themselves. There are some barriers that families may face in approaching the…
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Misconceptions About Probate and Trusts

On August 22, 2013

An excerpt from an upcoming book on probate and living trusts from JR Phillips & Associates.  Giving people information so they can make informed decisions about their estate planning. 1. Probate is always expensive. Depending on the state of domicile of the decedent, probate can be reasonable, moderately expensive, or horrible. Colorado is one of 20 or so states which have reformed probate to the point where it is a perfectly reasonable alternative for many people. Beware of salesmen trying…
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Fastidiousness is key to writing a will in Colorado

On August 15, 2013

Some Colorado residents may believe that writing a will is as simple as noting their wishes on a sheet of paper and signing their name, but wills are actually complex legal documents that require significant attention to detail. Once implemented, however, a will can guarantee that a testator’s children, debts, and possessions are taken care of after his or her death. In order to streamline the process, one Colorado financial advisor recommends preparing certain information prior to working with a…
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What type of will do you need?

On August 8, 2013

Colorado residents might want to research the various types available when hey want to create a will. Creating a will is one of the most important measures that can be taken to secure a family’s future and financial security. However, when selecting a will, people should take care to ensure that they select the type of will that best suits their needs. Having the wrong type of will could lead to emotional and financial repercussions that could result in long-term…
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Estate Planning Messes

On August 6, 2013

If getting revenge on your kids is something you want to do then leave them an Estate Plan that is a mess. Have no will or trust or have several wills that conflict with each other. Tell one child they can have these items and then tell another child they can have some of the same items, but don’t spell it out in your Will. Get remarried and don’t get divorced after it’s over because of the cost. When you…
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Estate planning or succession planning for family business?

On August 1, 2013

Colorado ranchers know that estate planning is important for handling their family business. However, they may not be aware there is another type of planning that needs to take place. When a Montana patriarch decided to retire as the head of the family ranch, his four children didn’t know what to do. They had seen to careful estate planning, but succession planning was what was actually needed for the 52 percent of the ranch that would have been their inheritance….
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