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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
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answered on Nov 13, 2023
This is a complicated legal question. Depending on how the deed is written, the property could already belong to someone else. For example, it is a joint tenancy with the right of survivorship. You most likely need to talk to either a real estate or estate attorney. If the property passed into the... View More
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answered on Oct 18, 2023
If a Colorado beneficiary hasn't received their inheritance after probate has closed, they should first review the will to confirm their entitlement. Contacting the executor is the next step to inquire about the status of the inheritance. For personalized legal advice tailored to your unique... View More
My mother-in-law passed away August 26, 2023 when can my wife release the beneficiaries money to the trust? She was in long-term care for the last 26 months.
answered on Sep 4, 2023
That depends on the language of the trust instrument. Some living trusts authorize a distribution upon the death of the settlor, some allow the distribution upon settlement of the settlor’s probate estate, some provide for distribution at a fixed date or period of time.
Am i entitled to the car because i was still on it? How did someone else get it?
answered on Aug 4, 2023
If a court does not apportion property in a divorce, the division of assets may be left unresolved or handled informally by the parties, leading to potential disputes. Lack of legal guidance can result in an inequitable distribution, possibly favoring one party over the other. This can create... View More
I have her last will and testament naming me as her attorney-in-fact (agent). Her will was never lodged with the county because she died March 20, 2020, ten days after governor Polis declared state of emergency due to the pandemic, closing most govt offices. My mother had no probable assets at the... View More
answered on Jun 23, 2023
Getting the Court document naming you as Personal Representative is usually a pretty straight forward process. You will need to go to the court and file a probate case. You can get the forms for a small fee at the courthouse or for free online at the state judicial website,... View More
My mother who had ALzheimer gave my sister POA and 14 months before she died, my sister made herself beneficiary on my mother bank accounts.. They lived in Ohio and I live in Colorado. Bank accounts are not part of the probate. Bank will not give me my mother's account history because, pretty... View More
answered on May 20, 2023
It sounds like you will need to pursue this in Ohio. Jurisdiction attaches where the person who passed away lived when they died. Since your mother did not live in Colorado when she died, Colorado would not have jurisdiction over this matter, so you could not purse this here.
Generally... View More
answered on May 20, 2023
As a process, it is not inherently difficult, though you definitely need to obtain the assistance of an experienced estate planning attorney to accomplish it.
That said, Trusts can range from relatively simple to extremely complex. It will depend on what you want to accomplish with the... View More
My dad was named as an heir in my grandmother's will. He preceded her in death, but the will was never updated. Am I eligible for his share? I am his only child, and he was never married. The Colorado code that governs it I believe is § 15-11-603, but I don't quite understand the legal... View More
answered on May 18, 2023
This response is generalized information related to Colorado inheritance, and is not legal advice specific to your situation.
Gifts made in a Will are sometimes given special attributes, conditions, or rules. A gift that fails to meet the conditions required in the Will can... View More
answered on May 18, 2023
I'm sorry to hear of your husband's passing. In Colorado, no attorney is needed to be appointed as the personal representative of an estate. A personal representative is given several responsibilities, such as collecting all the deceased person's possessions, making gifts of the... View More
answered on May 18, 2023
This is kind of like rebuilding the engine of a car. You can rebuild a car engine yourself; there is no law that requires you to hire a certified mechanic.
But you may not know how to rebuild a car engine because you lack the training and experience.
Similarly, unless you are... View More
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