Life insurance trusts are specific types of irrevocable trusts that can effectively reduce or eliminate future estate tax obligations. A Denver life insurance trust lawyer at Colorado Estate Matters, Ltd., has the experience and resources necessary to help you create a comprehensive life insurance trust that can save your loved ones a substantial amount of money, headaches, and stress in the future. Call us today for more information at (303) 713-9147, or fill out our online contact form.
Once you develop a life insurance trust, your life insurance policy must be transferred into that trust. It means the proceeds from the life insurance policy will be paid to the trust. Through the terms of the trust, the trustmaker or grantor can:
In order for a life insurance trust to be legal and effective, it must meet the following basic requirements:
There are a number of other considerations that can come into play when developing and administering life insurance trusts, so be sure to contact a Denver trust attorney from Colorado Estate Matters, Ltd. to ensure that:
When you are ready to create a life insurance trust or you need assistance administering any type of trust, you can count on our Denver estate planning lawyers at Colorado Estate Matters, Ltd. We provide a thoughtful approach to our clients’ estate planning, elder law, and other legal needs, and we are dedicated to helping each of our clients and their families find the best solutions for them.
While this means that we provide our clients with personalized attention at every step of the process. It also means that our clients can rely on us to always be competent, caring and professional. We provide clients with the highest quality of estate planning legal services at affordable rates.
Our Denver lawyers use a variety of innovative approaches with each client. The attorneys develop solutions that meets the needs and objectives of our clients. Our goal is to help our clients efficiently navigate the complexities of the law. They can develop effective, prudent solutions that will protect them, their assets and their families in the future.
When you are ready to take advantage of the benefits provided by life insurance trusts, contact the Denver life insurance trust attorneys at Colorado Estate Matters, Ltd. Let’s discuss your options during an initial consultation. To schedule this meeting, call us at (303) 713-9147 or email us using our convenient online contact form.
From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood, Centennial, Wheat Ridge, Golden and Arvada.
Probate in Colorado is the legal process by which a deceased person’s assets are distributed and their debts are paid under court supervision.
Probate is typically required when a person dies with assets solely in their name, and those assets exceed a certain value, or there’s any real estate. The threshold amount changes over time, so checking the current limits is essential.
To initiate probate in Colorado, you need to determine if formal probate is required, and then file an Application or a Petition (as well as the necessary ancillary documents) with the appropriate court, depending on the circumstances.
Generally, assets that are solely owned by the deceased, such as real estate, bank accounts, and personal property, are subject to probate. Jointly owned assets with rights of survivorship, assets held in a trust, and assets with designated beneficiaries typically bypass probate.
The duration of probate in Colorado can vary depending on the complexity of the estate and any disputes that may arise. Often it takes a year or more to complete.
Probate costs in Colorado can include court fees, attorney fees, personal representative fees, and other administrative expenses. These costs can vary based on the size and complexity of the estate.
Yes, there are strategies to avoid probate in Colorado, such as creating a revocable living trust, using beneficiary designations on assets like life insurance policies and retirement accounts, and jointly owning property with rights of survivorship.
The personal representative (executor or administrator) is responsible for managing the estate, paying certain debts and taxes, and distributing assets to beneficiaries in accordance with the law and the deceased person’s will (if one exists).
Disputes in Colorado probate cases can be resolved through mediation, negotiation, or litigation in court if necessary. Common disputes may involve the validity of the will, claims by creditors, or disagreements among beneficiaries.
Colorado does not have a state-level estate tax, but federal estate tax may apply to larger estates. It’s important to consider federal tax implications when dealing with an estate.
Colorado does not have a state-level estate tax, but federal estate tax may apply to larger estates. It’s important to consider federal tax implications when dealing with an estate.
It’s essential to consult with an attorney or legal professional experienced in Colorado probate law to get accurate and up-to-date information and guidance on your probate matter.