If you have not considered a revocable living trust for your Colorado estate, now may be a good time. Many people are well aware of who they plan to pass their estate and assets on to when they die. If that is the case with you, a living trust might make things easier for both you and your heirs.
When a person dies, probate is the legal process used to dispense of his or her assets.
Are you looking for a way to transfer your some life insurance proceeds to your heirs without subjecting it to taxation?
Watching your parents age is difficult. After they are gone, you may be the one to handle their estate. Administering an estate can be a difficult experience, especially if your responsibilities overlap with your grieving process. Yet, it can also be a very enlightening process.
Preparing a "do-it-yourself" will when you are not experienced in estate planning is kind of like changing your own oil when you have never done any mechanical work. You may be able to do it, but chances are you are going to make mistakes and probably a mess as well.
If you have already created your will, you are well ahead of most Americans. However, many people do not realize that wills must not only reflect their wishes, they must also abide by current laws and changes in their lives.
Different states vary in eligibility terms for Medicaid long-term care. Some states allow Medicaid applicants to spend down their money on care until they are under the Medicaid limit. Then they can apply. Those states are considered non-income cap states.
As your parents are getting older, you might need to have some difficult discussions with them. One of these discussions is about what types of health care they want when they can't make the decisions for themselves.
There's an old saying that nothing is certain in life except death and taxes. However, if the latest reports from the U.S. Treasury are any indication, taxation after death may be less a certainty and more a result of a dice roll.