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A major problem that people face is how to protect their assets from creditors who may seek to seize them. While an obvious answer would be to transfer assets, this can be defeated if the transfer is fraudulent in any way. In addition, this would mean that one will lose the ability to make decisions about their assets. One way to protect assets from creditors is to establish a Bridge Trust. This allows someone…
When a trust is established, the person or entity who provides the money or property to establish the trust is called the grantor. Some trusts are set up by one grantor. However, when it is both a husband and wife establishing the trust, each of them is considered a grantor. In this case, the trust is called a joint trust because of the two grantors.  Many trusts will start out as revocable, meaning that the…
For many couples, estate planning in a first marriage can stressful and difficult to plan out. However, in the event of a second marriage, the process becomes even more difficult. While in a first marriage both spouses generally have the same goals, a second marriage can produce differing goals on inheritances, financial planning, long-term care, and much more. Because of these factors, it is extremely important couples not only discuss their estate planning ideas with…
What is elder law? It is a branch of law that has developed as life expectancies have increased. An elder law attorney works to serve the needs of elderly persons. They may also represent those with disabilities and their families. Many caregivers already know that elder law covers a wide array of legal and financial client issues. A skilled elder law attorney assists clients to ensure the welfare and rights of seniors and their family…
All 50 states have specific probate laws used to legally transfer assets to recipients or heirs when a decedent passes away. If a will exists, the process of probate refers to testate estates. Probate procedures without a will are classified as intestate estates. Although the degree of court involvement will vary as a result of the will’s complexity, all wills or intestate estates must be probated. Colorado happens to be one of eighteen states upholding…
There are many times where we fail to clearly comprehend the law and what it entails regarding various aspects of life. One of these aspects includes wealth protection. Some laws and regulations can be broad and seem vague the very first time that you read about them. This requires you to conduct deep research so as to find out the actual meaning behind the law. Your wealth is very important to you because you worked…
The baby boomers generation of people born in the first two decades after World War Two are the greatest earners of all time, but the majority are now retired or edging ever closer to retirement age and, inevitably, death. While nobody wants to think about the latter situation, financial responsibilities need to be respected, not least because we are entering the most significant era of wealth transfers ever. As far as financial planning is concerned,…
Boomers who have always managed their finances well want to ensure that their hard work does not go to waste. However, many millenials are not quite in the same position. Millennials can be defined as children born in the late 70’s to those born in the early 2000s, and over the years one thing has become clear; estate planning is usually the last thing on a millenials mind. Adult children’s estate planning or lack of…
Probate means proof; it is how we determine whether a decedent’s Will is legally valid and enforceable. The process has a reputation for lasting a long time, but this may not always be the case. Many factors can play into how long probate actually takes. Some estates may settle within a few months, but others may take a year or more. There are many steps in the probate process, and all of them are necessary…
The death of a much-loved celebrity always shakes the nation. This is especially true with Luke Perry, who passed last month after a stroke in his fifties. Aside from being a significant loss to our screens, a sudden death like this is a stark reminder to everyone of our mortality. Perry, who was 52 when he died, had no idea of the fate which awaited him so soon. Still, he had the foresight to make…