Our Estate Planning and Powers of Attorney Services
Trust or Will Planning
Whether you choose a revocable trust or a will, we will help you decide on the best method for transferring your assets and ensuring that your wishes are followed. A revocable trust allows you to make changes during your lifetime, while a will outlines your desires for asset distribution after your death. Both tools are essential for estate planning, and we will guide you in choosing the right one
Creating Estate Planning Trusts
At Gendelman Klimas Edwards, we offer estate planning trust services to meet your needs. A trust allows you to manage your estate and avoid the probate process, making asset distribution more efficient and private. We assist in setting up revocable trusts and irrevocable trusts, depending on your specific goals, including estate tax planning.
Drafting a Will
A will is a vital document that ensures your wishes are honored after you pass. Our attorneys will work with you to draft a will that clearly outlines how your assets should be distributed, who will care for your children, and who will handle your estate.
Funding a Revocable Trust
Simply creating a revocable trust isn’t enough to ensure that it works as intended. You need to transfer your assets into the trust. This process is known as funding a revocable trust, and our attorneys will guide you through the steps of transferring real estate, bank accounts, and other assets into the trust to ensure it works smoothly.
Estate Tax Planning with an Irrevocable Trust
For larger estates, estate tax planning is an essential consideration. Irrevocable trusts can be used as part of a strategy to minimize estate taxes and provide asset protection. Our attorneys will help you explore whether an irrevocable trust is appropriate for your situation.
FAQs
Frequently asked questions about Estate Planning and Powers of Attorney in Colorado
Still have questions? Reach out to us today.
When Would You Need a Power of Attorney?
- You are in an accident and need someone to make medical decisions for you.
- You live far from your elderly parents and want to ensure they have someone managing their finances.
- You are deployed overseas as military personnel and need someone to manage your financial matters.
- You are in retirement or facing a long-term illness and need someone to make healthcare decisions for you.
What is estate planning?
Estate planning involves organizing your assets and making decisions about their distribution after you pass, as well as making plans in case you become incapacitated. This includes creating wills, trusts, and powers of attorney to ensure that your wishes are carried out.
What is the difference between a revocable and an irrevocable trust?
A revocable trust allows you to change or dissolve the trust during your lifetime, while an irrevocable trust cannot be altered once established. Irrevocable trusts are often used for tax planning and asset protection purposes.
Why do I need a power of attorney?
A power of attorney allows you to designate someone to make important decisions for you if you become unable to make them yourself. This ensures that someone you trust is in control of your finances or healthcare decisions when you need it most.
What happens if I don’t have an estate plan?
Without an estate plan, your assets may be distributed according to state law, which may not align with your wishes. Additionally, if you become incapacitated, your family may need to go to court to make decisions on your behalf.
