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Asset protection is a relatively recent area of the law, it only began to develop a little over four decades ago. Many of the asset protection solutions available today, such as offshore asset protection trusts began in the late 1980s, pioneered by famed Colorado attorney Barry Engel. Today, it is impossible to think about the history of asset protection without considering his advances in this field. Barry Engel was born in 1954 in the…
Revocable Trusts Irrevocable Trusts Assets are considered owned by the grantor Assets are no longer owned by the grantor Change trust document as desired Difficult or impossible to amend trust Can change the trustee Can’t change the trustee or beneficiary Avoids probate court Avoids probate court Trust assets are protected Beneficiaries pays income taxes The difference between Revocable Trusts and Irrevocable Trusts All living trusts can be revocable or irrevocable. A living trust is created…
  The Costs of Long-Term Care According to the U.S. Department of Health and Human Services, the majority of Americans will rely on Medicaid for long-term care at some point during their lives. Medicaid is the only government program that assists in paying for long term care for the elderly and disabled. It is a federal and state program that helps with medical costs for some people with limited income and resources, regardless of age.…
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 they…
Concerns about the Wuhan coronavirus, known as COVID 19, are naturally running high. Confirmed cases are still rising both at the national and state level. Here in Colorado, we have already seen over a hundred cases and unfortunately, they appear to be spread throughout the entire state. And while the number of cases will inevitably continue to increase, as in any time of crisis it is important to keep things in perspective and to take…
Speaker 1: This is Haystack Help Radio on KLZ 560. Haystack Help Radio is powered by haystackhelp.com. Finding help can be like finding a needle in a haystack, but with haystackhelp.com, finding the needle just got easier. Now, Haystack Help Radio with Scott Whatley on KLZ 560. Scott Whatley: Welcome to Haystack Help Radio. Thank you so much for joining us. Again, my name is Scott Whatley. We appreciate you being with us. Be sure…
Transcription Probate is the court-supervised process for distributing an individual’s assets after they pass away. There are six steps to the probate process. First, a personal representative must be appointed. Any beneficiary, heir, or creditor of the estate can apply to be a personal representative. There’s a statutory list of who will be assigned a personal representative duty first, but if that first individual does not step up to be a personal representative, another individual…
Tom Martino: Hi, Tom Martino, your troubleshooter, 303-713-TALK, 713-8255. Okay, CJ, we have Blake Harris with us, attorney at law milehighestateplanning.com. Blake, hang on a sec, CJ has a good question. I’m going to sum it up for you, all right, CJ, and then you tell me if it’s correct or not? CJ: Okay. All right. Tom Martino: How do you know John, by the way, CJ? CJ: He’s a friend of mine. Tom Martino:…