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Digital assets are a category of commonly overlooked assets that play a crucial role in your estate plan and the legacy you leave behind at your death. It is all right if you did not consider these items when you first created your will or trust; such a mistake is...

Like other important life tasks, your estate plan deserves your continued time and attention. We recommend that you work with us to review it every three to five years (or more frequently, depending on your circumstances). Think of it as your estate plan’s preventive...

If you are part of the sandwich generation—caring for both your children and your parents at the same time—it is crucial that you know whether or not your parents have an existing estate plan. While the final decisions within their estate plan rest with them, creating...

When people think of digital assets, they often think of digital photos and videos. While such things have sentimental value, other types of digital assets, such as cryptocurrency, social media accounts, or online business accounts, can have real, monetary value. Both...

A change in the name of a beneficiary under a will or trust does not affects their right to receive their inheritance.  The document does not have to be updated, but it may be advisable to avoid confusion. 1. Identification of Beneficiaries Under Colorado law, the...

In short, you do not need to update your trust or power of attorney if a person changes their name. They will however need to provide proof of their name change. Therefore, as a practical matter the most efficient and prudent course is to update your documents. This...

To avoid probate of your vehicles, you should use the linked Motor Vehicle Beneficiary form. Even if you have a properly funded trust, this form is necessary to avoid probate if the combined value of your vehicles, including motorcycles, trailers, RVs, etc., exceeds...

Dealing with the loss of a loved one is never easy, and managing their estate can feel overwhelming. In some cases, however, probate may not be necessary. Probate is the legal process through which a deceased person’s assets are distributed, but if the deceased's...

When a loved one passes away, one of the first questions that often arises is whether probate is necessary. Probate is the legal process through which a deceased person’s estate is administered, debts are settled, and assets are distributed to beneficiaries. However,...

Most 529 plans do not allow joint ownership, meaning only one person can be the account owner, even if the owner is married. So what happens if the account owner dies? The distressing answer is that the account would be tied up in probate unless a successor...

View a video tutorial on completing the Beneficial Ownership Information (BOI) Report here.

A Beneficial Ownership Information Report (BOIR) Must be Filed by the End of 2024 by Most Small Business. Failure to Comply Could Result in Substantial Penalties. See if this applies to you. Following the enactment of the Corporate Transparency Act (CTA) in 2024,...

A Strategy to Protect Your Assets When planning for the future, ensuring your loved ones are taken care of is paramount. One aspect of estate planning that often goes overlooked is the impact of life insurance policies on estate taxes. Many individuals are unaware...

When someone passes away, Facebook offers options for managing their account. Here's an overview of Facebook's policies and procedures for handling accounts of deceased users: Memorialization: Facebook allows accounts to be memorialized after the user passes away....

New Choices for Disposition in Colorado The typical Disposition of Final Remains form in Colorado includes as the primary item, the choice for the declarant to have their body either buried, cremated, entombed or “other.” And while burial, cremation or entombment...

A Domestic Asset Protection Trust (DAPT) is designed to protect assets in the event a person is sued or files for bankruptcy. 11 states have statutes authorizing the use of DAPTs: Alaska, Delaware, Hawaii, Michigan, Mississippi, Missouri, Nevada, New Hampshire, Ohio,...

Required Minimum Distributions, 26 C.F.R. Parts 1 and 54 (2022) On February 24, 2022, the IRS issued proposed regulations addressing required minimum distributions (RMDs) from retirement plans, providing additional clarity on some points, but raising questions...

Consider using this checklist as a starting point for thinking about what you would want your designated health care agent to know if they need to act to make decisions on your behalf. This is an evolving conversation and you are encouraged to discuss this...

A good estate plan should be about so much more than your “estate.” For a single person, a good estate plan includes careful instructions as to who should make decisions regarding your assets and well-being if you become incapacitated. With the right documents—durable...

Blended families face unique estate planning challenges. If you and your spouse have children from prior relationships, each of you may have different plans for your respective care if either of you becomes incapacitated or how you want your assets to be used to...