estate planning

Most people need at least some form of estate planning, starting with a simple will and a living will, while others require more thorough planning that provides for efficient wealth transfer and protection of assets. I will help you figure out what you need and what you don't. Below is a description of some of the common elements to an estate plan, though not every element applies to every person's situation.

Will
Your will is the primary means of transferring assets upon death. It can also serve to appoint a guardian for your children, to declare how your remains should be handled, and to express your wishes regarding organ donation.

Living Will
In Colorado, this document is more technically called a Declaration as to Medical or Surgical Treatment. Your living will lets your family and your health care providers know (and, in most cases, binds them to follow) your wishes concerning artificial life support in the event you are incapacitated and have a terminal condition.

Health Care Power of Attorney
A health care power of attorney gives someone you trust (your "agent") the discretion to consent to or refuse any kind of medical treatment on your behalf. This power can be either currently active or "springing." A springing power only takes effect upon your incapacitation. Should you choose to execute a currently active power of attorney, your agent cannot override your wishes if you are still capable of making decisions for yourself.

Financial (or General) Power of Attorney
A financial power of attorney is similar to the health care power, but it limits your agent's discretion to financial decisions made on your behalf. As with the health care power, it can be either currently active or springing.

Declaration of Anatomical Gift
This declaration express your wishes regarding organ and tissue donation, if none of the above documents does so.

Trust
A trust is a legal entity, managed by a trustee, that holds assets on behalf of a beneficiary. Trusts are complex documents that are created for a variety of reasons ranging from probate avoidance to tax-efficent transfers of assets to preservation of privacy. As we discuss your particular situation, we will examine whether a trust is appropriate for you.

Family Partnership or Limited Liability Company
For some people with complex, large estates or with specialized situations, a family limited partnership or limited liability company may be appropriate to preserve privacy or to manage and protect assets.

To help you decide what you need and what costs are involved in creating an estate plan, I have divided my estate plan offerings into four categories: classic, advanced, custom, and à la carte. You can read about the details of each, including pricing, by following the links at left. And, as always, if you have any questions, please give me a call or shoot me an email, and we'll discuss which plan is right for you and your family.