Denver, Colorado Wills, Trusts, and Estate Planning

Did you know that a properly formulated
Estate Plan can have numerous benefits
for you and your loved ones?

• Provide for the financial support and care of your immediate family
• Provide for other relatives who may need assistance
• Get your property to your beneficiaries quickly
• Minimize expenses and costs upon death
• Ease the strain on your family
• Help a favorite charity (and get tax benefits for doing so!)
• Ensure the continued existence of a family business

We listen closely to understand the individual needs of our clients so that they can create a customized estate plan to meet their objectives.

With our guidance, clients gain peace of mind that their long term needs will be met, that their assets will be protected for the benefit of the person or persons they choose and, most importantly, their family will be protected if the unthinkable should occur.

If you think you are too young, too old, or don’t have enough assets to put together an estate plan, think again. It's never too early or too late to prepare.

"How do I know if I need an Estate Plan?"

1. Either you or your spouse have children from a previous marriage.
   When spouses have children by a previous marriage, one spouse’s children may get left out, or conflict may arise between the stepspouse and the stepchildren, between the children or between the parent. Do you have a current plan in place to prevent this and promote peace in your family?
   
   
2. You are self employed or own rental property.
   If you are self employed or have rental property, keep in mind that there is a significant time delay before a personal representative is appointed to care for rental property or your business in your absence. Essentially, there will be a period of time where your rental property and/or business have to go on “auto pilot.” Are you prepared for this?
   
   
3. You have minor children.
   If anyone whom you wish to leave money is under the age of 21, they will be unable to inherit your money in Colorado without the Court appointing a Conservator to make decisions for the minor. If this occurs, Court costs can eat up a lot of a child’s inheritance. There is also the issue that money the minor may need to live on will be tied up for a lengthy period of time. Have you properly planned for your minors?
   
   
4. You or a close family member are terminally ill, have failing health or may become incapacitated.
   If you or a close family member are terminally ill or incapacitated, you will not be able to make decisions on behalf of yourself or the family member unless you plan ahead. If you have not dictated who can make decisions for you and when they can make the decisions for you, you are again doomed to the Court making that decision for you. Proper planning will avoid unnecessary spending on Court costs and you will be ensuring that the person you trust the most will be able to make decisions for you in the event that you are not able.
   
   
5. You have a taxable estate.
   The amount you can inherit free of taxes is currently scheduled to increase gradually until 2010, when ultimately, if there is no change in the current law, there will be no estate tax. Colorado estate tax rates vary from 37% to 55%. They apply to both single and married individuals. With proper planning, you can easily avoid unnecessary estate taxes. Does your current plan allow you to do this?
   
   
6. You or a family member has a substance abuse problem.
   If you have a family member who is an abuser of drugs or alcohol, it is up to you to prevent your money, more commonly known as their inheritance, from being contributed to the local bar, liquor store or drug dealer. Does your current plan ensure that you will not be contributing to the problems of your loved ones?
   
   
7. You have a child who may not be responsible or is married to someone who may not be responsible.
   Do you have inheritance protection for a child who may be subjected to a spendthrift spouse, divorce, lawsuits, creditors or bankruptcy? Do you have a child who has a problem with shopping impulse control? If so, there is a way that you can control and minimize this risk through proper planning. Keep in mind that the average inheritance, regardless of the size, is completely spent within 18 months of receipt. Proper planning on your part can help to preserve your wealth for future generations and ensure that your hard earned assets are not blown unnecessarily.
   
   
8. You have an IRA or a 401(k) account.
   Retirement accounts are almost never coordinated with an individual’s estate plan, which could result in a tax problem. It is important to put the planning in place to ensure that these plans can continue to grow tax deferred for future generations to come.
   
   
9. You own joint tenancy property.
   If one joint tenant owner becomes mentally disabled, the property may become frozen. Property may also pass to unintended persons at death. Any person who ends up with the property after the passing of a joint owner may also find themselves inheriting a huge tax liability. You may also be exposing your property interest to unintended creditors. Proper planning will prevent this from happening.
   
   
10. You have a disabled child or are responsible for a dependent adult.
    Disabled children and dependent adults require special planning to ensure that they are not going to lose any public assistance or benefits that they are currently receiving. Are you putting someone’s government benefits at jeopardy?
    
    
11. You have a simple will in place now.
    Simple wills are not appropriate for everyone. Used improperly, a simple will can lead to major problems, including subjecting someone to unnecessary Colorado estate tax. Even a simple will may fail if you have not properly titled your property. Joint ownership may cause a will to fail. Are you sure that a simple will is right for you?
    
    
12. You have no planning in place.
    If you don’t have a will or a trust, the state of Colorado has written a will for you. Will your property pass to those whom you want to share it with? Will your estate be subject to litigation to decide who gets your property?
    
    
13. You have an old estate plan in place.
    The average Colorado estate plan has not been updated in 19.6 years. Consider all the changes in your life and in the law that have occurred over that period of time. Will you miss out on a planning opportunity by not keeping your estate plan up to date?

At The Hughes Law Firm, we have provided clients all over Colorado with customized estate planning services tailored to meet each individual’s needs.

Our estate planning services include:

• Trusts
• Family Limited Partnerships and Limited Liability Companies
• Special Needs and Disability Trusts
• Will Preparation
• Business Succession Planning
• A complimentary checkup on your existing estate plan
• Advice on Asset Protection
• Counsel on Wealth Preservation
• Guardianships and Conservatorships
• Durable Powers of Attorney
• Living Wills
• Health Care Proxies and Directives

There are many businesses claiming to be estate planning "professionals" who are selling trusts, wills, living trusts and other estate planning documents without the involvement or oversight of a qualified attorney.

Often times, these documents and the advice that comes with them can lead to problems, mostly in the form of expensive litigation. At The Hughes Law Firm, P.C., our experienced attorneys will create the right plan for you and your family. We also hold FREE seminars at nursing homes and other care facilities to educate people on their estate planning options.

If you are looking for sound advice on wills, trusts and other aspects of estate planning, please contact us today. We offer complimentary initial consultations, a published, no-surprises, competitive schedule of fees, and special privileges and discounts for members of credit unions and other organizations that sponsor our group legal services plan.

Contact Us Today for a FREE Consultation to
Discuss Your Estate Planning Needs:

(303) 758-0680 | (888) 776-1066

In addition to our main office in Denver, we also offer satellite locations in Arvada, Aurora, Lakewood, Highlands Ranch, Thornton, Golden, Stapleton, and Littleton