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Category: Elder Law

Qualified Domestic Trust (QDOT): Do You Need One?

Qualified Domestic Trust (QDOT): Do You Need One?

If your spouse is not a U.S. citizen, you may have heard that your estate plan needs something called a Qualified Domestic Trust, often referred to as a QDOT. For many people, that phrase alone creates anxiety and the sense that they are missing something important. In reality, most Colorado families below the federal estate tax threshold worry about this more than they need to. This article is for families whose assets fall well below the $30 million federal estate…

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You Have a Power of Attorney for Your Parent: Now What?

You Have a Power of Attorney for Your Parent: Now What?

If you’ve taken the step of getting a financial power of attorney (POA) in place for a parent, you’ve already done something important. A POA allows you to help manage your parent’s finances if they become unable to do so—or even just need a hand as they age. But many adult children walk away from signing the documents and wonder: Now what? Here are some practical steps you can take to make sure the POA is actually usable when the…

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Understanding Powers of Appointment in Estate Planning

Understanding Powers of Appointment in Estate Planning

A power of appointment adds a layer of adaptability to your estate plan. It allows you to name someone who can later decide how to allocate specific assets, offering both flexibility and responsiveness to changing family dynamics or tax considerations. This can be especially helpful in blended families or when future circumstances are hard to predict.

The Risks of Letting Courts Close Inactive Estates

The Risks of Letting Courts Close Inactive Estates

Colo. Rev. Stat. § 15-12-1009 allows for the closure of estates that have been inactive for three years or more without further accounting. Although this may seem like a convenient way to close an estate, since it requires no action from the personal representative or an attorney, it can lead to significant issues. To illustrate, here’s a closer look at this statute, especially section (3), and its potential pitfalls. Overview of the Statute Colo. Rev. Stat. § 15-12-1009 permits courts…

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A Contract to Will Might Not Be the Ideal Estate Planning Document

A Contract to Will Might Not Be the Ideal Estate Planning Document

Estate planning is an important step in securing the future of your assets, and your wishes upon your passing. Among the various tools available for estate planning, the “contract to will” approach is sometimes considered. Therefore, understanding its implications, including statutes such as C.R.S.§ 15-11-514, sheds light on why this method is not always the most desirable. Understanding the Approach A contract to will, often termed a “mutual will,” is an agreement between individuals. These individuals are commonly spouses, and…

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