Key elements often overlooked in estate planning
Chayet & Danzo Blog
by dana.patel@thomsonreuters.com
1w ago
Estate planning is an important process to manage and allocate an individual’s asset base. This is beneficial not only at one’s passing but also in the event of incapacitation. Despite its importance, many fail to address all necessary elements, potentially leading to disputes and complications for heirs. Those who take the important step of putting together a plan are wise… The post Key elements often overlooked in estate planning first appeared on Chayet & Danzo, LLC ..read more
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What are the requirements to serve as a conservator?
Chayet & Danzo Blog
by gturnercontentcustoms
1w ago
A conservator holds a position of implicit trust. They receive authority granted by the courts to manage the financial assets that belong to another person and help fulfill their financial responsibilities. Conservatorship usually involves the vulnerable person who cannot advocate on their own behalf due to a lack of capacity, so there is a legal fiduciary duty imposed on the… The post What are the requirements to serve as a conservator? first appeared on Chayet & Danzo, LLC ..read more
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What if kids don’t want to take over the family business?
Chayet & Danzo Blog
by gturnercontentcustoms
2w ago
For many family-owned businesses, succession planning has traditionally meant passing the reins to the next generation. However, what happens when the kids have no interest in taking over the family business? This is a scenario many business owners face today, especially as younger generations increasingly pursue careers outside the family enterprise. This situation poses unique challenges but also offers opportunities… The post What if kids don’t want to take over the family business? first appeared on Chayet & Danzo, LLC ..read more
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Colorado estate tips: 3 assets that do not transfer via a will
Chayet & Danzo Blog
by dana.patel@thomsonreuters.com
2M ago
Not every asset passes through a will. Certain types of property can transfer directly to a designated beneficiary, bypassing the probate process. If used wisely, this direct transfer not only simplifies the distribution of assets but can also result in efficient distribution of the estate. If not, the beneficiary designation can result in unintended transfers. Assets that do not pass… The post Colorado estate tips: 3 assets that do not transfer via a will first appeared on Chayet & Danzo, LLC ..read more
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Navigating probate litigation in Colorado
Chayet & Danzo Blog
by dana.patel@thomsonreuters.com
2M ago
The probate process is an important step in administering a deceased person’s estate. Occasionally, disputes arise that necessitate probate litigation. Common triggers can include concerns of undue influence that result in the deceased feeling forced to sign a will or that the deceased did not understand the nature of the signing. It is important to navigate these disputes wisely, as… The post Navigating probate litigation in Colorado first appeared on Chayet & Danzo, LLC ..read more
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Three times a family needs a conservatorship or guardianship
Chayet & Danzo Blog
by dana.patel@thomsonreuters.com
2M ago
In Colorado, conservatorship and guardianship are legal arrangements that provide another — the conservator or guardian — with the authority to make decisions on another individual’s behalf. These arrangements are particularly important in scenarios where individuals cannot manage their affairs. Three common examples of times a conservatorship or guardianship can help to better ensure the well-being and proper management of… The post Three times a family needs a conservatorship or guardianship first appeared on Chayet & Danzo, LLC ..read more
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3 ways to keep a house out of probate court
Chayet & Danzo Blog
by gturnercontentcustoms
2M ago
Those creating or updating estate plans often need to consider the best solutions available for different high-value assets. There are sometimes ways to keep valuable property out of probate court. Particularly when there are worries about creditor lawsuits or Medicaid estate recovery efforts, people might prefer to keep as much of their high-value property out of probate court as possible.… The post 3 ways to keep a house out of probate court first appeared on Chayet & Danzo, LLC ..read more
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What might compromise your parent’s Medicaid application?
Chayet & Danzo Blog
by gturnercontentcustoms
3M ago
As your parents age, you may realize they need assistance with daily activities like getting out of bed and dressing themselves. Furthermore, their underlying medical conditions may require around-the-clock care. This is when you might want to start looking for a suitable long-term care facility to enroll them in. As you conduct your research, you should also help them apply… The post What might compromise your parent’s Medicaid application? first appeared on Chayet & Danzo, LLC ..read more
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Addressing family heirlooms in an estate plan
Chayet & Danzo Blog
by gturnercontentcustoms
3M ago
Estate planning allows an individual a great deal of control over their legacy. Frequently, testators establishing documents focus on their most valuable property first. They arrange for someone to take over the family business or assume ownership of their home after they die. Many people also prioritize items that have personal and familial value. Family heirlooms might include a vintage… The post Addressing family heirlooms in an estate plan first appeared on Chayet & Danzo, LLC ..read more
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Real property and probate
Chayet & Danzo Blog
by tad.hendrickson@thomsonreuters.com
4M ago
When it comes to estate planning and probate, real property—whether it’s a beloved lakeside cabin passed down through generations or a family home where parents still reside—requires special consideration. Unlike such assets as retirement accounts or stocks, the emotional ties to real property can go back generations or represent a childhood home. In Colorado, probate is generally required if the decedent owned any real estate or more than a certain amount, which increases annually. During probate, the court appoints an executor (also called a personal representative) to manage the deceased pe ..read more
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