Attorney & Counselor at Law
ROBERT M PHILLIPS
10 THINGS
ESTATE PLANNING
CAN DO FOR YOU
ESTATE PLANNING
CAN DO FOR YOU
1. Provide for your immediate family
Couples want to provide enough money for the surviving spouse. Persons with children want to assure their children’s education and upbringing. If you have children under 18, both parents should have a will nominating personal guardians for the children, in case both of you should die before they grow up. Otherwise, a court will decide without your input where your kids will live and who will make important decisions about their money, education, and way of life.
2. Get your property to beneficiaries quickly
Advance planning can ensure that your property is distributed quickly to your beneficiaries. Compared to any other state, probate in Colorado is simple, quick and inexpensive. However, proper planning is important so that your estate is administered efficiently.
3. Plan for incapacity
During estate planning, you should also plan for your possible mental or physical incapacity. Living wills and durable health-care powers of attorney enable you to decide in advance about life support and pick someone to make decisions for you about medical treatment, as well as who will manage your financial affairs.
4. Minimize expenses
Good estate planning can keep the cost of transferring property to beneficiaries as low as possible, leaving more money for your beneficiaries.
5. Choose personal representatives (executors) and trustees for your estate
Choosing competent persons or institutions and giving them the necessary authority will save money, reduce the burden on your survivors, and simplify administration of your estate.
6. Ease the strain on your family
You can take a burden from your survivors by making clear your final arrangement preferences (burial, cremation, etc.) as well as expressing your preferences regarding services, funerals, or memorials.
7. Help a favorite cause
Your estate plan can help support religious, educational, and other charitable causes, either during your lifetime or upon your death, and at the same time take advantage of tax laws designed to encourage private philanthropy.
8. Reduce taxes on your estate
Every dollar your estate has to pay in estate or inheritance taxes is a dollar that your beneficiaries will not receive. A good estate plan can give the maximum allowed by law to your beneficiaries and the minimum to the government.
9. Provide for people who need help and guidance
Do you have an elderly parent or disabled child, or a grandchild whose education you want to assure? You could establish a special trust fund for family members who need support that you won't be there to provide.
10. Make sure your business continues smoothly
If you have a small business, you can provide for an orderly succession and continuation of its affairs by spelling out what will happen to your interest in the business.
Couples want to provide enough money for the surviving spouse. Persons with children want to assure their children’s education and upbringing. If you have children under 18, both parents should have a will nominating personal guardians for the children, in case both of you should die before they grow up. Otherwise, a court will decide without your input where your kids will live and who will make important decisions about their money, education, and way of life.
2. Get your property to beneficiaries quickly
Advance planning can ensure that your property is distributed quickly to your beneficiaries. Compared to any other state, probate in Colorado is simple, quick and inexpensive. However, proper planning is important so that your estate is administered efficiently.
3. Plan for incapacity
During estate planning, you should also plan for your possible mental or physical incapacity. Living wills and durable health-care powers of attorney enable you to decide in advance about life support and pick someone to make decisions for you about medical treatment, as well as who will manage your financial affairs.
4. Minimize expenses
Good estate planning can keep the cost of transferring property to beneficiaries as low as possible, leaving more money for your beneficiaries.
5. Choose personal representatives (executors) and trustees for your estate
Choosing competent persons or institutions and giving them the necessary authority will save money, reduce the burden on your survivors, and simplify administration of your estate.
6. Ease the strain on your family
You can take a burden from your survivors by making clear your final arrangement preferences (burial, cremation, etc.) as well as expressing your preferences regarding services, funerals, or memorials.
7. Help a favorite cause
Your estate plan can help support religious, educational, and other charitable causes, either during your lifetime or upon your death, and at the same time take advantage of tax laws designed to encourage private philanthropy.
8. Reduce taxes on your estate
Every dollar your estate has to pay in estate or inheritance taxes is a dollar that your beneficiaries will not receive. A good estate plan can give the maximum allowed by law to your beneficiaries and the minimum to the government.
9. Provide for people who need help and guidance
Do you have an elderly parent or disabled child, or a grandchild whose education you want to assure? You could establish a special trust fund for family members who need support that you won't be there to provide.
10. Make sure your business continues smoothly
If you have a small business, you can provide for an orderly succession and continuation of its affairs by spelling out what will happen to your interest in the business.