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Denver Estate Planning Attorney
Tax Implications When Gifting Property
Gifting Property Tax Implications When gifting property, gift and estate taxes are two different types of taxes applied to wealth transfers. A gift is when someone gives away property without getting anything back in return. An example of a gift is giving your car to your friend. Estate taxes apply to the transfer of assets...
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Issues That Arise When Forming A Trust and Estate Planning
Do I Need Estate Planning? Estate planning is about protecting yourself, your family, and your loved ones against potential problems that could arise after you die. Estate planning includes creating a will, establishing trusts, making medical directives, and choosing guardianship over minors. Having a valid will is essential if you don’t do anything else. You...
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A financial power of attorney can be a very useful document for many reasons and under different circumstances.  Many people will have their financial power of attorney prepared ad executed when they undergo their estate planning.  If you have questions relating to a financial power of attorney, other estate planning documents or estate planning questions...
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What are common estate planning documents?  This may be a common question asked of an estate planning attorney, and it is important for people who are beginning to plan their estate to understand what their options are.  Common estate planning documents could be: – Will and Last Testament – Living Will – Medical Power of...
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A medical power of attorney can be a very important estate planning document.  A medical power of attorney can provide for individuals to assist you with medical issues if in fact you would need such assistance.  The video below has been prepared by a Denver estate planning attorney to provide additional information regarding a medical...
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Estate planning attorneys will often be asked, when should I create my will?  This is an important question, because having a will can be very important.  Generally, individuals with minor children will want to have a will prepared, and many people as they age in life want their will prepared so they can designate how they...
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In previous articles we have discussed incomplete gifts and the power to revoke, and how such matters could impact making a gift in terms of estate planning and estate tax.  The article below will continue to discuss related matters, but focus more on conditional gifts, gifting to a minor and a mistake of fact.  Please...
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Previous articles and information posted by The McGuire Law Firm have discussed issues related to a step up in basis and carryover basis depending upon whether the property was gifted during a donor’s lifetime or acquired at death via inheritance.  Given the marital deduction, Congress was concerned that certain individuals may take advantage of the...
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In prior articles we have discussed the basis in property that is received through a survivorship right.  The article below continues to discuss this issue, but brings an additional variable or issue into the discussion.  This issue being: How does depreciation impact the basis of property that is received by a survivor, or in other...
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Often when property is gifted, whether directly or perhaps into a trust agreement, the transfer may be incomplete or only partially complete.  An incomplete gift may be from design, and some estate planning attorneys will use an incomplete gift purposefully within an overall estate plan.  Other times, the gift may be incomplete, but not necessarily...
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