Your Annual Legal Checkup

The start of a new year is when my clients discover that certain events in their lives may require either a review and update of their legal documents, or a major adjustment in their estate plan. For your benefit, I have listed some of the events that affect your estate planning health:

  1. You acquired a new piece of real estate (including timeshares). You will definitely want to update your financial durable power of attorney. If the property is in Colorado, you will want to consider a new Beneficiary Deed. If the property is outside of Colorado, you may need a revocable living trust, or to modify the trust you already have.
  2. You received an inheritance, or one is imminent. An inheritance can dramatically affect your estate distribution desires, as well as your estate tax consequences. Depending on the amount of the inheritance, a new or updated trust may be advisable.
  3. Significant appreciation of an asset. If your real estate or other assets have appreciated significantly, you may be subject to estate taxes you have been planning to avoid. Certain strategies, or additional planning, may be required, to prevent large portions of your assets from being paid to Uncle Sam.
  4. Birth of a child or grandchild. Beneficiary designations may need to be changed, depending on the language in your current legal documents and investment accounts.
  5. Divorce or separation within the family. Whether divorce or separation involves you, a child, an agent, a personal representative or a trustee, such an event affects most of your current documents. It is always important to discuss what revisions or updates to your documents will be needed.
  6. Death of a spouse, child, grandchild, agent or trustee. In the unfortunate event of a death, it is always wise for us to review your legal documents. Appropriate counsel, together with recommended changes or updates, will be provided.
  7. Changes in federal or state law. Laws on both the federal and state level change regularly. These changes can affect estate taxes, capital gains taxes, powers of attorney, living wills, etc. These changes may require an adjustment to your estate planning documents.

If you have any questions, feel free to give me a phone call at 303-225-0328. There is never a charge for my consultation time, whether talking to me on the phone or in person. Yes, you read correctly, my consultation time is always free.