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We would like to gift 2.5 acres (undeveloped) of our 5 acre lot (which has our home and a large shop on it) to our son and his wife. Right now we are zoned RR-5; we know we will have to go to the county (it is on county land) to try to rezone. We wonder how gifting 1/2 the property might impact our... View More 
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answered on Feb 1, 2025
Most mortgages/deeds of trust have a due on sale clause, so you cannot deed it to anyone without the lender's consent. His tax basis is the same as yours if you deed it now while your living, but he gets a stepped up basis at your death as an heir. Hire a CO attorney to advise.
What is the recommended way to set up a new LLC to protect myself from having my wages garnished at my employer and safeguard my personal assets if my business fails, especially if it has LLC has business loans?
answered on Jan 9, 2025
To set up an LLC in Colorado and protect your personal assets and wages from garnishment, ensure the LLC is properly formed by filing with the Secretary of State and maintaining separation between personal and business finances. Avoid personally guaranteeing business loans, as this could expose... View More
I'm doing research for my end of life planning and ran across this item I never heard of before.... doctors signature on DNR's as well as notaries to make the DNR within the Advance Directive/Living will legally binding ref given me : Colorado Revised Statute 15-18.6. etal
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answered on Nov 18, 2024
Under Colorado Law there is a mechanism for a doctor to appoint a healthcare decisionmaker for you if you have not already done so and are unable to do so now. This can easily be avoided by appointing a healthcare decisionmaker yourself while you are capable. Your healthcare decisionmaker... View More
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answered on Nov 13, 2024
Hello ~ if a person dies in Colorado and there is no will found, that decedent will have died 'intestate'. An heir or interested person can still file for probate, but it will be with the distinction that there is no will under which to follow the distribution of estate assets. Instead,... View More
Can named alternate beneficiaries receive any residual real estate from Trust after lifetime of original beneficiary. (This would be the only thing in Trust & would necessitate Trust being left open) If so, must the alternate beneficiaries be told/informed when the Trustor first dies? That... View More
answered on Sep 16, 2024
Yes, in Colorado, provisions can be made in a revocable trust for alternate beneficiaries to inherit after the sole original beneficiary dies. This is standard practice, where alternate (or contingent) beneficiaries are named to receive trust assets, such as real estate, upon the death of the... View More
answered on Sep 6, 2024
If you are concerned about preserving your condo with $150,000 in equity for your heirs and avoiding Medicaid Estate Recovery, there are some strategies you might consider. However, each has important implications and requirements under Colorado law.
Key Strategies to Consider:
1)... View More
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answered on Aug 29, 2024
A deed is used to transfer real property to a living trust. The deed must be recorded in the land records of the county in which the real property is located. There are several types of deeds. An attorney can help you prepare and record the right kind with the right claims for exemptions from... View More
answered on Sep 6, 2024
In Colorado, to fund a living trust with real estate, you typically need to transfer the title of the property into the name of the trust. The primary form required for this process is a deed, specifically a quitclaim deed or a warranty deed.
Here are the basic steps:
1. Prepare a... View More
Just formed my LLC and want it to be the holding company and an S corp what do I need to file and in what order?
answered on Sep 6, 2024
I mostly concur with the earlier answer provided to your question above. Here is my response with a few more notes
1) Use Your LLC as a Holding Company: Structuring your LLC to act as a holding company simply involves using it to own other businesses or assets. You don’t need to file... View More
I'm the owner of McDonald's and the will was never brought to any ones attention that I Mitchell Jensen or Mitchell Rio own and did inherit all of McDonald's. I picked up the bank account as soon as I started owning McDonald's
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answered on Mar 18, 2024
If you believe you have inherited ownership of McDonald's through a will, it is essential to first verify the authenticity and legal standing of the document. You should consult with an attorney experienced in estate law and corporate ownership structures to assess the will's validity and... View More
A woman died in January 2023 without a will. She had four children that are heirs to the estate according to Colorado intestate succession laws. The house was not transferred to the heirs prior to its sale in March 2024, but was sold on behalf of the estate by the executor (who is also one of the... View More
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answered on Mar 15, 2024
Property owned by a decedent gets a step up (or down) to fair market value as of the date of death. That holds regardless of whether the property is distributed in kind to the heirs or is sold and then cash distributed to the heirs. the only difference is who pays the capital gains taxes, if any.... View More
A woman died in January 2023 without a will. She had four children that are heirs to the estate according to Colorado intestate succession laws. The house was not transferred to the heirs prior to its sale in March 2024, but was sold on behalf of the estate by the executor (who is also one of the... View More
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answered on Mar 15, 2024
In this scenario, the house sold by the executor, on behalf of the estate, is still considered inherited property. Since the woman passed away without a will, the estate is handled according to Colorado's intestate succession laws. The property, even though not formally transferred to the... View More
My sister the oldest who has handled all his estates has lied to me about him having life insurance, which I found out he did have one. She also won’t give me any of my dad’s belongings or part of the estate. So my question if there is no will left meaning no named benificiary then was was my... View More
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answered on Mar 8, 2024
This is a complicated one.
If your father died with no will then everything subject to probate passes intestate. Life insurance is often not subject to probate but it can be. If it passes intestate, if you and your sister are your father’s only living relatives then you may be entitled... View More
I am a US citizen my mother was a US citizen she gave my father his papers they are divorced my mother's deceased my father has another marriage with his wife and three other children his wife is from Mexico I believe she might be a resident I don't know my sisters are from here do I have... View More
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answered on Feb 26, 2024
In matters of inheritance and rights to a deceased parent's belongings, your citizenship status and the circumstances of your parents' marriage and divorce generally do not directly affect your entitlements. If your father passes away without a will (intestate), the laws of the state... View More
I am facing an issue with a lawyer who acted as a trustee for a joint living trust that included my ex-wife's parents' house. The house was sold on August 4, 2023, and the trustee placed over $533,000 from the sale proceeds into a money market account without informing my ex-wife. He held... View More
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answered on Apr 16, 2025
If a trustee in Colorado has withheld funds, failed to provide timely distributions, and offered no valid justification under the trust terms, you have the right to challenge their actions. A trustee has a legal duty to act in the best interests of the beneficiaries and to carry out the terms of... View More
My mom recently passed away while residing in Arapahoe County, Colorado, and she left a will. The will generally states that all assets are left to my dad primarily, and to her two children, my brother and myself, as successors. We do not anticipate any disputes among the beneficiaries. What steps... View More
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answered on Apr 12, 2025
I'm sorry for your loss. To ensure your mother's estate is properly handled in Arapahoe County, Colorado, and to understand your rights as a successor beneficiary, here's a step-by-step guide:
**1. Locate the Will and Identify the Executor**
The original will must be... View More
I have not seen my mother's will yet, and I'm uncertain about how to proceed. My mother and stepfather passed away a few weeks ago, and there has been no communication regarding the probate process. I believe my mother's adult stepchildren may have been involved with her care, and I... View More
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answered on Apr 12, 2025
First, try to contact the probate court in the county where your mother lived at the time of her passing. They can tell you if a probate case has been opened and who the executor of the will is. If the will has been filed with the court, you can request a copy, which will help you understand your... View More
I was privately hired to care for an elderly lady who passed away on March 24th. I have her belongings, but I'm unsure of what to do with them. She had no will, no next of kin, and, to the best of my knowledge, only had a medical power of attorney. I have contacted the power of attorney, but... View More
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answered on Apr 12, 2025
You’ve been placed in a really delicate and difficult position, and it’s clear you’re trying to do the right thing. In Colorado, when someone dies without a will or known next of kin, their belongings become part of what’s known as an "intestate estate." As the caregiver, you... View More
Is a will executed in 2018 in the state of Colorado, which states it was signed in front of two witnesses but, in reality, only one witness signed along with a notary public (not serving as a witness), valid if the person executing the will had questionable capacity due to health issues, and no... View More
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answered on Apr 12, 2025
That’s a really important question, especially when there are concerns about the will’s validity and someone’s mental capacity at the time of signing. In Colorado, a formal will generally requires **either two witnesses** or it must meet the criteria of a **self-proving will** signed in front... View More
I'm a 73-year-old retiree with only Social Security as my income. I need to obtain a financial power of attorney to protect myself, especially if my husband tries to establish conservatorship, without him knowing. I’m looking for a free or low-cost option to secure this document. Are there... View More
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answered on Apr 6, 2025
Securing a financial power of attorney (FPOA) in Colorado can be accomplished at no cost by utilizing the statutory form provided by the state. This form allows you to appoint a trusted individual to manage your financial affairs and is available through the Colorado Secretary of State's... View More
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