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Tag: Estate Planning

Back In School Estate Planning

Back In School Estate Planning

As children are back in school for the 2021-2022 school year, they look forward to a time of new beginnings and friendships; new goals and dreams; as well as new supplies, clothes, and shoes. Unfortunately, the delta variant has also made it a time of renewed caution. Last year I posted back to school article on the importance getting an medical power of attorney and HIPAA release. It’s just as important now as it was then. Especially if you’re working…

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Disinherited Spouse And The Elective Share

Disinherited Spouse And The Elective Share

In Colorado, you can not disinherit a spouse. A surviving spouse omitted or disinherited from a will still has property rights in the estate. Sometimes omitting a spouse is intentional, sometimes negligent. Colorado law entitles a spouse to receive an elective share of the estate or to take against the will. Depending on the length of the marriage, the surviving spouse’s share is between 5% and 50% of the augmented estate. A spouse is defined as someone who is a…

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Joint Wills – Just Say No.

Joint Wills – Just Say No.

Once in a while a married couple will ask me about joint wills. A joint will is a single document signed by two people, usually leaving all of their assets to each other. When the surviving spouse dies the assets are then left to the children. Seems simple, and the easiest way draft an estate plan. This strategy it’s almost always a never a good idea. Problems with Joint Wills Since joint wills are binding contracts between two people, it…

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Back to School Estate Plan During COVID-19

Back to School Estate Plan During COVID-19

If you work in a school, have a student, or an adult student; I urge you to seriously consider getting your estate plan together. Since I’ve worked in the public school system as a teacher; I know they are some of the germiest places on earth. To keep healthy while I was teaching, I used at least a half a dozen different ways to “high five” students without ever touching them. Kids get germs from school. They’re going back to…

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A Letter of Last Instructions: A Will’s Best Friend

A Letter of Last Instructions: A Will’s Best Friend

Don’t overlook this important piece of your estate planning. The letter of last instructions gives your personal representative, as well as your family, details they’ll need to settle financial matters, and resolve your final wishes. Although, it’s not legally binding, it’s an invaluable resource to your loved ones. It provides final wishes not covered in your will, as well as contact information, they’ll need to close accounts and settle your matters. What To Write Often, a letter of last instructions…

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