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Colorado Estate Planning Blog

Thursday, April 14, 2016

What is Estate Planning

Professionals tend to throw around terms that are common for their particular industry, but sometimes forget that not everyone uses those terms on a daily basis.  Clarification is often necessary.

        Your estate consists of all the assets you have accumulated during your lifetime, including real estate, bank and brokerage accounts, retirement plans, life insurance, and even your junk.

        Your plan needs to allow you to stay in control of your estate for as long as possible. Your plan needs to remain flexible to allow for changes in the law and changes in your personal desires.

        Planning for this is best done while you are still alive and well. It is imperative that you plan for incapacity. None of us wants to become incapacitated, but the reality is that we are each nine times more likely to become incapacitated before we die.

        There is a misconception that the only purpose of estate planning is to pass on assets, avoid probate and save taxes upon death. These tasks are important, but in my opinion planning for incapacity is much more important.  This is because if you gain capacity and haven’t planned properly, my fear for you is that everything you worked so hard for may have fallen in the wrong hands and could be gone.

        With the proper tools and advice you can accomplish almost any estate planning goal you have in mind. Getting advice from a qualified estate planning attorney can offer many options for you to achieve your goals.




Sommers Law Group, LLC assists clients with Estate Planning, Estate Administration, Asset Protection, Advanced Estate Planning, Planning for Children, Special Needs Planning and Pet Trusts in Lakewood, Colorado and throughout Denver, Jefferson County, and Arapahoe County, Colorado.



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| Phone: 303-984-9900

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