Mile High Estate Planning

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Banks and Cryptocurrency Cryptocurrency has recently soared to become a common form of digital currency in the last few years. However, with cryptocurrency’s rise in popularity for investment opportunities and as a form of payment for products or services through online suppliers, not all domestic and foreign banks recognize it as a viable form of currency. When doing your research on what banks will accept cryptocurrency it is important to search for bitcoin-friendly or crypto-friendly…
What is a Gun Trust? A gun trust is a revocable trust created to hold title to your firearms. Because the trust is a legal entity, it becomes the legal owner of the guns and is transferred to the trust or purchased by the trust. A trustee is named to manage the trust for the trust’s beneficiaries. Because the trust is revocable, the grantor can make changes to the trust agreement or void the trust…
 If you are a pet owner, you know the unconditional love that our furry friends provide. The sheer joy we experience when they interact with us each day is a feeling that’s difficult to match. It is only natural to want our pets to be loved and cared for even if they outlive us. What happens if my pet outlives me? Pets are a wonderful source of companionship, a Pet Trust can help ensure…
Introduction To Cryptocurrency Cryptocurrency, or crypto, is a digital form of currency that acts similar to the US Dollar. You can purchase goods and/or services as well as trade them, like how you would trade shares of a publicly-traded company. While cryptocurrencies are relatively new to the financial spectrum, several have been able to take strong footholds on the market and continue to prove themselves a sustainable force. What Is Cryptocurrency? To start, it…
An asset protection trust (APT) can describe any of a number of different vehicles that can shield your assets from lawsuits or other creditors. This is a trust that fully transfers control of your assets to a trustee while you remain the beneficiary. The main two types of asset protection trusts are domestic and foreign/offshore asset protection trusts. Trusts are similar to corporations and LLCs in that they are considered separate legal entities. The trust…
Whether you are a professional looking to protect your assets from lawsuits or a parent looking to secure your children’s future, there are numerous strong arguments for utilizing an offshore trust. When you decide you are ready to set up an offshore trust for yourself and your family, you should be aware that IRS has strict reporting requirements for offshore trusts that need to be followed. The administrative and reporting requirements are extensive and…
 Probate can be a difficult and confusing process. In this post, we will discuss some of the most common probate questions. Question 1:  What is probate? Probate is the court-supervised process for distributing your assets after you pass away. This is the formal process where ownership of the estate is transferred to the beneficiary. Probate can involve estates for which there is a will or ones where the deceased did not have a will.…
The Island of Nevis is part of the nation officially known as the Federation of Saint Christopher and Nevis or St. Kitts and Nevis for short, located in the Caribbean about 1,300 miles southeast of Miami, Florida. Nevis is the smaller island in the federation, with a population of about 12,000. St. Kitts and Nevis is a sovereign nation and member of the British Commonwealth. The legal system is based on English common law. The…
A Qualified Personal Residence Trust (“QPRT”) is a special type of irrevocable trust which serves you by removing your primary residence and/or one additional home you own from your estate at a reduced rate for federal gift and estate tax purposes. Simply put, the QPRT allows you to continue enjoying substantially the same benefits from your home while ensuring that your home will not be included in your estate, reducing your taxable estate. Like…
All estate plans share one underlying goal: create a bulletproof plan that puts their beneficiaries in the best possible position. Irrevocable life insurance trusts, known as ILITs, further this goal by protecting your life insurance from the hands of creditors during your lifetime, and exempting it from your estate and reducing your potential estate tax liability. ILITs have many benefits, and virtually no drawbacks, making them a favored and potent estate planning tool. Put…