When it comes to estate planning, selecting a proper and capable trustee is one of the most important steps in the process. A trustee takes legal ownership of trust assets, manages the trust, and is responsible for carrying out the purpose of the trust.
Important Factors for Choosing a Trustee
There are several important
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Contesting a Will in Colorado
A will is a legal document dedicated to setting forth an individual’s wishes regarding the distribution of their property and assets as well as the care of their minor children. A will is the most established manner of ensuring that an individual’s wishes on those matters are accurately carried out. Wills are also helpful for…
Contesting Trusts and Actions of Trustees
Trusts are increasingly utilized in Colorado and throughout the nation. Trusts offer several benefits in estate planning and asset distribution. Trusts allow for great specificity regarding how, when, and to whom assets are distributed. Additionally, there is a wide variety of special-use trusts dedicated to particular estate planning coals, such as charitable giving or tax…
How to Use an “Inheritor’s Trust” to Protect Your Heirs’ Inheritance
Estate planning strategies and the creation of trusts are often used to protect a family’s assets from high tax burdens or other preventable attacks on an estate. The most common way for anyone seeking to control the division of their estate is by drafting a will, which mandates how the estate assets are divided. Some…
Exploring the Financial Advantages of Nevada “Incomplete Gift, Nongrantor Trust” (NINGs)
As of 2022, Colorado features a 4.40% state income tax rate. According to the Tax Foundation, state income tax rates throughout the nation can run as high as 13.30% in California, or as low as 0% in Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, and Wyoming. Some states are known for promoting favorable asset protection…
Reasons Why Will and Estate Planning Means You Care for Your Loved Ones
When a loved one passes away unexpectedly, it can be a shocking, emotionally intense, and confusing time. The confusion may stem from figuring out what happens next. When it comes to figuring out who has legal rights to a deceased person’s property, it is not as straightforward as one may think. According to a recent…
Can Colorado Trust Beneficiaries Remove a Trustee?
Family trusts can offer a lot of advantages, including tax advantages and benefits from long-term care planning. However, it is not uncommon for there to be disputes and conflicts between trustees and beneficiaries. When such disputes arise, there may be a time when you consider whether a trustee needs to be removed and you may…
Should “Swedish Death Cleaning” be a Part of Your Estate Plan?
All cultures worldwide have different rituals and traditions pertaining to the end of one’s life. As the radius of influence between cultures is shortened by technology and migration, some of the death traditions of all cultures become available for discovery and possible adoption. The Swedish practice of döstädning, or “death cleaning,” could help American and…
How to Take Advantage of the 20% Pass-Through Tax Deduction for Rental Properties
In 2017, the US Congress passed a bill known as the Tax Cuts and Jobs Act, which was signed by the President and has since become law. The Act modifies the tax code in various ways, generally reducing the amount of taxes that American business owners are required to pay annually. Part of the…
SECURE Act 2.0 Changes for Federal Retirees
On December 29, 2022, the SECURE 2.0 Act was passed in an effort to make retirement planning easier for federal retirees. The Act, however, contains myriad provisions and may be difficult to comb through for someone looking to adapt their retirement plans to take advantage of the more lenient new rules. Staying abreast of legislative…