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Tag: Estate Planning

Homeowners Insurance and Beneficiary Deeds

Homeowners Insurance and Beneficiary Deeds

In Colorado beneficiary deeds, allow homeowners to pass their property to a named beneficiary upon their death. This will happen without the property going through probate. A 2021 case highlights an important issue, however. It comes from the Eighth Circuit Court of Appeals, Strope-Robinson v. State Farm. Does homeowners insurance remain in effect after the owner’s death? The Strope-Robinson Case In this case, Dawn Strope-Robinson inherited a house in Minnesota from her uncle, David Strope, through a beneficiary deed. At…

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Federal Estate Tax Exemption Here To Stay

Federal Estate Tax Exemption Here To Stay

Since the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, estate planning professionals and families alike have been watching the federal estate tax exemption closely. Many speculate whether the doubled exemption introduced by the TCJA, set to sunset in 2025, will revert to pre-2018 levels or be extended. Here’s my take, and it’s one I’ve held since 2018: the 2017 federal estate tax exemption isn’t going anywhere. I’m willing to bet it’s extended or made permanent. Why…

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Common Law Marriage: Probate & Estate Solutions

Common Law Marriage: Probate & Estate Solutions

In Colorado, common law marriage presents unique opportunities and challenges, particularly when one partner dies without a will (intestate). Common law marriage can affect inheritance rights, but proving such a marriage posthumously can be complex. Understanding Colorado’s common law marriage requirements, along with potential complications in probate and possible alternatives, can offer clarity for those considering or involved in these relationships. Requirements for Common Law Marriage in Colorado Unlike most states, Colorado recognizes common law marriage without a formal ceremony…

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Trusts: Testamentary or Revocable Living?

Trusts: Testamentary or Revocable Living?

When planning your estate, selecting the right type of trust is essential for fulfilling your wishes distributing your assets according to your desires. Two common types of trusts are testamentary trusts and revocable living trusts. While both serve the purpose of managing and distributing assets, they have distinct differences in terms of creation, administration, and functionality. Understanding these differences can help you make an informed decision best suiting your estate planning needs. Testamentary Trusts A testamentary trust is created within…

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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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