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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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Legal Tips for Landlords

Legal Tips for Landlords

Being a landlord comes with its share of responsibilities and risks. Protecting yourself legally can save you from potential disputes, financial losses, and significant stress. Here are key strategies to help safeguard your interests as a landlord: 1. Screen Tenants Thoroughly The first line of defense is ensuring you rent to responsible tenants. Conducting thorough background checks is essential. This includes: 2. Use a Comprehensive Lease Agreement A well-crafted lease agreement is your primary tool for protecting your rights. Your…

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How Marital Agreements Can Enhance Your Estate Plan

How Marital Agreements Can Enhance Your Estate Plan

When it comes to estate planning, couples often overlook the valuable role that marital agreements (or postnuptial agreements) can play. While traditionally associated with marital finances, postnuptial agreements can be powerful tools for couples looking to secure their legacy and protect their assets for future generations. Marital Agreement Estate Planning Strategies Marital Agreements Conclusion All in all, these types of agreements offer significant benefits for couples looking to enhance their estate planning strategy. By addressing financial, inheritance, and other important…

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Understanding Testamentary Trusts: A Guide for Parents

Understanding Testamentary Trusts: A Guide for Parents

Testamentary trusts also known as contingent trusts are powerful tools in estate planning. This type of trusts offers individuals the ability to maintain control over their assets after their passing. Often overlooked or misunderstood, testamentary trusts provide a means to distribute assets according to specific wishes, and protect beneficiaries. Most often this type of trust is used by families with minor children or young adults. What are Testamentary Trusts (a.k.a. Contingent Trusts) ? A testamentary trust (or contingent trust) is…

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The Corporate Transparency Act: Guidance for Business Owners

The Corporate Transparency Act: Guidance for Business Owners

In a significant stride toward increased transparency and accountability in business practices; the Corporate Transparency Act emerged in 2021 as a bipartisan legislative move by Congress. This transformative law introduces a beneficial ownership information reporting requirement; marking an important step in the U.S. government’s efforts to curb the misuse of shell companies and obscure ownership structures by nefarious individuals seeking to conceal and launder money. What exactly does this mean for small business owners in Colorado? Let’s delve into the…

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