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June 2017 Archives

Finding the right assisted living facility

For many Colorado families, the decision of putting their loved one in an assisted living facility is nothing short of time consuming. Because the long-term care of elderly family members is such an important choice for so many people, it often requires deep thought, careful planning and thorough investigation.

What should you know about writing a will?

Writing your will is one of the most important parts of estate planning in Colorado. This invaluable document acts as a set of master instructions for your loved ones at the time of your passing. It can educate them about where you would like your money to go, where you wish for your possessions to end up and who should care for dependents if you have any. So, what should you know about writing a will?

Researching your nursing home options

Like many that come to us here at The Hughes Law Firm PC, you may have neglected to account for yours or your loved one's long-term care in your estate planning. Planning for the potentially losing the security of self-sufficiency now avoids you or your loved one being left to the mercy of others in Denver if it ever does happen.

Can you prevent inheritance disputes with proper planning?

Organizing your estate and drafting a will are excellent ways to guarantee that your property gets to the desired parties upon your death. However, failure to include critical details or pay attention to articulation can leave your family members squabbling and bitter. Fortunately, with proper planning, you can help prevent unnecessary inheritance disputes.

The benefits of a life insurance trust

Even though you may not have many assets to leave to your minor children, it is essential to their future that you create a will so that they are taken care of if you die while they are young. The team at The Hughes Law Firm often helps parents to protect their children's welfare with a wide range of estate planning tools.

What are estate taxes in Colorado?

If you have had a loved one pass away, then you may have heard about taxation on the inheritance you receive. The main form of taxation is an estate tax. Estate taxes, as defined by the Colorado General Assembly, are those assessed when assets are transferred upon the death of a person. Until 2004, Colorado had an estate tax, but due to changes in federal laws, that tax was eliminated. Only about one-fourth of all states impose estate taxes due to the changes made by the federal government to the tax laws.  Of course, future changes could reinstate the tax, and the federal government still charges estate taxes, so you may have to pay them in some form.

How does the probate process work?

Whether you have lost a loved one or a close family friend has named you as administrator of his or her estate, you may be required to enter into the probate process. During probate in Colorado, the estate left behind by the deceased is valued, and the property is distributed to the heirs named in the will. Understanding how probate works is critical, as it may simplify the process for you and for the beneficiaries of the estate.

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