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January 2018 Archives

Important estate planning documents for every adult

Many people in Colorado may lack important estate planning documents. One survey has found that about half of all Americans do not have a basic estate plan. One reason for this may be that some people believe estate planning is only necessary for the wealthy. For Millennials in particular, making an estate plan might seem low on the priority list. However, estate planning is important for people of all ages and income levels.

How to pass digital assets to future generations

Bitcoins are assets that may be passed to another person when the original Colorado owner passes away. However, this assumes that the original owner left instructions as to how the bitcoins could be accessed. In most cases, an individual uses a private key to access an account or make a transaction. Without the key, the coins could be lost forever.

The importance of making a timely estate plan

Making an estate plan is the type of activity that some people in Colorado might prefer to put off. However, the problem with this is that it can be put off until it is too late. While many people may think of an estate plan as deciding who will get a person's assets, it is also important to plan in case a person becomes incapacitated.

Reviewing the estate plan for possible changes

In December 2017, Congress passed a new tax bill that may affect estate planning for some people in Colorado. Even those whose estates are unaffected by the tax bill may want to review their estate plan to make sure it is still effective based on current tax law and any other changes. This could include not just changes in a person's life or assets but changes in relationships with beneficiaries or in the lives of beneficiaries.

Reasons anybody should create an estate plan

In 2018, the federal estate tax exemption will be $5.6 million for an individual. An estate worth more than that will need to file a return with the IRS. Therefore, that number may be the baseline when it comes to estate tax planning. However, those who are under that threshold may still benefit from having an estate plan. Without one, an individual may have less control over where his or her assets go after death.

Why you should not procrastinate on estate planning

One of the biggest mistakes you can make with estate planning in Golden is procrastination. No matter your age, you might feel like you have all of the time in the world to do it. Or, if you already have plans in place, you might feel like you do not need to review them. Regardless of which side of the fence you are on, it is necessary for you to be proactive in case an unexpected event happens. 

The importance of up-to-date beneficiary designations

People in Colorado who are creating an estate plan must also pay attention to beneficiary designations. It can be easy to forget about these. One woman, who is a financial professional, did not realize until she transferred an IRA to another investment company that she had neglected to change the beneficiary on the account when it would have been prudent to do so.

Conservatorship and guardianship basics

If you have a loved one to take care of, either a special needs child or a senior, you know how demanding it can be. In the daily routine it's common for people just like you to neglect the long-term planning that is essential to being sure their needs are met in all potential circumstances.

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