It’s a good idea to review your estate plan every year or so. If there’s been a significant change to your plan then you may need to modify or update it. I suggest reviewing your estate plan at the beginning of the new year; the same time your getting financial documents together for tax season. Below is a list of “look-fors”, questions to ask yourself and reminders to consider as you review your documents: Financial Power of Attorney Who are your agents? Do…
Personal Assets and Piercing the Corporate Veil A benefit of a Limited Liability Company (LLC) is the personal liability protection the entity provides members and managers. Quite often, if the LLC is sued, not only will the plaintiff try and attack the assets of the defendant LLC, but also the assets of its managers and/or member owners. The legal term for attaching personal liability to an LLC’s members and/or managers for corporate debts, is “piercing the corporate veil”. Therefore, once the corporate…
Colorado’s vehicle transfer on death law allows ownership of vehicle to pass to the beneficiary outside of probate, giving individuals the ability to transfer their cars or vehicle to a beneficiary on the death of the owner. Since cars and other vehicles need to be maintained, and they depreciate rapidly, it does not makes sense to have them sitting around for months or even a year in Colorado weather, while waiting for probate to end. Vehicles should be transferred to their new…
Some individuals and couples transfer title of real property to an LLC as a way to shield them from personal liability, pay fewer taxes through asset depreciation, avoid probate, or for estate planning purposes. Some of these purposes are succession planning, gifting, or lowering estate taxes. Perhaps, the property is an in-town rental, vacation home, out-of-state property, or vacant land; placing the property into LLC can protect the property owner, lessen the tax burden, and streamline probate process. An LLC…
Summer is a time when most of us go on a trip or vacation. Many of us will travel overseas; here’s a couple estate planning and financial common sense tips to consider before you leave overseas for your holiday. Make copies of your financial and health care power of attorneys and take them with you, upload digital copies to the cloud, as well. If you’re in an accident, in a bind and need someone to handle your affairs, it’s best…