Centennial Estate Planning Attorney

Protect Your Assets and Plan for Your Loved Ones Starting Today

People work their entire lives to accumulate valuable assets. Most of them envision their family members benefiting from their hard work for generations after they are gone. Many people think estate planning is only for the wealthy; however, nothing can be further from the truth. If you have any assets, savings, or a home, you too can benefit from estate planning. Below, we explain how our Centennial estate planning attorneys can help you protect your assets.

Need guidance with planning your estate? Reach out to the Centennial estate planning lawyers at Skipton Law, LLC. Call (720) 770-3880 or contact us online.

Why Is Estate Planning Important?

Without proper estate planning, your assets are vulnerable to costly legal battles. Your estate could be tied up in probate court for years, and a large portion could be taken by local, state, and federal governments. To avoid such scenarios, estate planning provides a proactive approach to safeguarding your legacy. 

Estate planning ensures your assets are distributed as you wish without unnecessary legal interference, thereby protecting your family's future. Additionally, strategic planning can minimize estate taxes, maximize value, and fulfill charitable goals. It's essential to tailor your plan to align with both personal preferences and legislative requirements, making professional guidance crucial.

What Is Probate?

Probate is the act or process of proving a will. It involves the legal process by which a person's final debts are settled and legal title to property is formally passed from the deceased to their beneficiaries and heirs. It also provides a court-supervised distribution of an estate's assets. When a person passes away, their estate must go through probate. 

The courts oversee this process. Understanding probate is vital because it can be a lengthy process that affects everyone from heirs to executors. Effective estate planning can help families navigate probate efficiently, reducing time and stress. Utilizing legal tools such as trusts, joint ownership, and proper estate documentation can further streamline the probate process.

Estate planning is an area many people here in Centennial, CO, ignore to their detriment. However, having an estate plan will protect the rights of your loved ones and ensure they receive the assets you want them to have. It will also minimize the amount of any applicable estate taxes. 

Skipton Law focuses on estate planning. Our team of estate planning attorneys can provide you with the guidance you need to make an effective plan to ensure the smooth handling of your money and other resources after your passing. Speak with an experienced Centennial estate planning lawyer at Skipton Law, LLC today.

How We Can Protect Your Assets

At Skipton Law, LLC, our estate planning attorneys in Centennial can provide you with the proper legal guidance to protect your assets in the following ways:

• We can work with you to assign beneficiary designations for your assets to keep your heirs out of probate court. Beneficiary designations ensure a direct transfer of your financial assets, bypassing probate and reducing legal complications for your loved ones.
• We can help you create a revocable trust. This document will control and transfer the ownership of your assets according to a plan that you create. Revocable trusts allow flexibility to adapt to changes in your circumstances while providing privacy in asset distribution.
• If your assets exceed the amount of the estate tax exemption and you want to leave all your assets to your spouse, we can create a solution that helps reduce the amount of estate tax you will have to pay. This includes strategies like the use of marital deductions and credit shelter trusts to maximize tax efficiency and asset preservation.
• We can help you retitle your home to ensure it passes to the surviving spouse automatically. This provides some additional creditor protection that other types of titles do not offer. Retitling helps prevent legal disputes and enhances security for your family's future dwelling arrangements.
• We help to ensure the proper protection of the assets you leave to your children. We want to make sure the courts distribute them according to your wishes. Structuring trusts for minors or special needs dependents ensures their financial well-being and respects your intentions.

Understanding State-Specific Estate Laws in Colorado

Colorado has unique estate planning laws that can significantly impact how estates are managed and distributed. Knowing the intricacies of these laws is vital for effective planning. For instance, Colorado allows for the simplified probate process known as informal probate, which is less time-consuming and costly than formal proceedings. 

This opportunity can be advantageous for smaller estates, enabling a smoother transition of assets. In addition to probate nuances, Colorado recognizes the validity of holographic wills (handwritten wills), providing more flexibility for residents in terms of how they express their final wishes. However, ensuring these documents comply with state standards is crucial to avoid potential disputes or invalidation during probate. At Skipton Law, LLC, we incorporate such Colorado-specific considerations into our estate planning services, ensuring your plans are fully compliant with local regulations.

Moreover, understanding elective shares is crucial for married individuals in Colorado. An elective share allows a surviving spouse to claim a portion of the deceased spouse's estate, even if they were left out of the will. These regulations highlight the importance of effective communication and comprehensive planning to account for family dynamics and prevent future legal challenges. Professional advice can navigate these intricacies, ensuring that your estate plan respects both personal relationships and state laws.

Update Your Estate Plan Regularly

Did you create an estate plan many years ago? If so, then our Centennial estate planning law firm can help you to update it to cover your current circumstances. Changes in legislation, family dynamics, or financial status might necessitate alterations to your estate plan to keep it aligned with your objectives.

For example:

• We can help you with supplemental needs trusts and a variety of other plans. These will ensure your heirs do not miss out on receiving public benefits because of your gift. These specific trusts are designed to complement public benefits, allowing beneficiaries to maintain eligibility while enjoying additional financial support.
• We can help you to update your estate plans to include the birth of your grandchildren, divorce, or other major life events. Regular updates reflect changes in your family structure or goals, ensuring your estate plan remains comprehensive and relevant.
• We can help with the designation of a health care proxy or someone with durable power of attorney. This ensures that your health and financial affairs are managed by trusted individuals in the event of incapacity.

Common Misconceptions About Estate Planning

Many people hold onto misconceptions about estate planning, leading to potentially costly mistakes. One common misunderstanding is that estate planning is only necessary for the wealthy. In reality, anyone with assets should have a plan to protect their belongings and their loved ones.

 Comprehensive estate planning considers everything from your home to personal belongings, ensuring nothing is left to chance. Another misconception is that a simple will is sufficient for all needs. While a will is a crucial component of an estate plan, it alone may not address all contingencies, such as appointing guardians for minor children or designating healthcare proxies. 

Utilizing legal instruments like living trusts or powers of attorney can provide more control and security over your affairs. Additionally, some assume that estate plans are 'set and forget' documents, which is far from true. Life changes—such as marriage, divorce, birth, or death—warrant updates to your estate plan. 

It's essential to review your plan regularly to ensure it reflects your current wishes and circumstances. At Skipton Law, LLC, we emphasize ongoing communication with our clients, offering guidance to maintain a relevant and effective estate strategy. Our commitment to client education helps dispel myths, empowering you to make informed decisions about your future.

FAQs: Your Estate Planning Questions Answered

What Should I Include in My Estate Plan?

Your estate plan should be comprehensive, covering all aspects of your financial and personal wishes. Essential elements include a will, which outlines your asset distribution; trusts, which can provide specific inheritance arrangements and possible tax advantages; and powers of attorney for both finance and healthcare, allowing designated individuals to make decisions on your behalf if needed.

Additionally, consider guardianship designations for any minor children, ensuring their care aligns with your values. At Skipton Law, LLC, we tailor each element of your estate plan to meet your unique needs and goals.

How Often Should I Update My Estate Plan?

Updating your estate plan should be a regular process, ideally every few years or sooner if significant life events occur. These events include marriage, divorce, birth or adoption of a child, or any substantial changes in your financial circumstances. 

Law changes at the federal or state level can also impact your estate plan. Regular reviews ensure your estate plan reflects both your current situation and evolving legal landscapes. By keeping your plans updated, you protect your assets and fulfill your intentions effectively.

Why Use a Living Trust in Estate Planning?

A living trust offers numerous benefits beyond a standard will. By placing your assets within a trust, you can avoid the probate process, ensuring a faster and more private distribution of your assets to beneficiaries. 

This mechanism can also provide continuity for asset management in the event of incapacitation, as a designated trustee can step in to manage affairs seamlessly. Moreover, living trusts can include specific terms for asset distribution, offering flexibility to adjust to beneficiaries' needs and circumstances. Read about Irrevocable living trusts here. 

What Are the Tax Implications of Estate Planning?

Estate planning carries significant tax implications, making strategic planning essential. Estate taxes can potentially reduce the value of your estate, but proactive planning can minimize this impact. Utilizing mechanisms like gifting, establishing irrevocable trusts, and taking advantage of tax exemptions can help preserve more of your estate for your beneficiaries. 

Consulting with an estate planning attorney who understands local and federal tax regulations can tailor strategies to optimize the tax efficiency of your estate plan, ensuring your assets are safeguarded effectively.

How Can I Protect My Business Interests in My Estate Plan?

Estate planning isn't just vital for personal assets; protecting business interests is equally crucial. Incorporating your business assets into an estate plan ensures continuity of ownership and management, aligning with your long-term vision. 

You can establish succession plans, designating successors who uphold your business ethos and operational integrity. Additionally, using buy-sell agreements and including your business in trusts can ensure smooth transitions and preserve business value. By detailing these strategies in your estate plan, you secure both your personal legacy and business future.

Contact Our Centennial Estate Planning Lawyers Today

At Skipton Law, LLC, we have years of experience handling estate planning for people with a wide range of asset levels. As estate planning lawyers, we have vast experience with and knowledge of how taxes and other issues affect your estate. Our approach is not just about paperwork; it's about constructing a robust framework that serves your unique life situation and future aspirations, protecting your estate from unforeseen legal challenges.

Our Centennial estate planning attorneys invite you to come in and meet with our staff. We can then show you how we can protect your assets, keep your heirs out of court, and ensure they get what you want them to have after you are gone. If you want to ensure your loved ones will be the individuals to benefit from your assets, then we can help. Simply give our Centennial estate planning attorneys a call today at (720) 770-3880 or contact us online to get started. Our in-depth consultations are designed to address your concerns and provide you with a clear, strategic path forward.

You've worked hard all of your life – protect your assets and plan for your loved ones today. Speak with a seasoned Centennial estate planning lawyer from Skipton Law, LLC by completing a form or dialing (720) 770-3880.