One option for Colorado residents who are setting up their estate plan is planned giving. Planned giving refers to setting up a charitable donation during a person's lifetime. A planned gift offers a number of advantages including the ability to set up a family tradition of philanthropic giving.
If you are a parent who has been fortunate enough to accumulate wealth and property throughout your life, you probably have wondered how you will pass it on. Talking about money with your kids can seem awkward. They may not be aware of the family's wealth, and you may not want to give them a disincentive to achieve their fullest potential on their own.
Having a will is a nice first step towards building out your entire estate plan. It is also a significant milestone because many people feel thwarted by the seemingly immense task of creating a will, which then makes them avoid the task of building out their estate plan altogether. By creating a will, it can motivate people to finish the other steps inherent to creating an estate plan.