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Colorado Estate Planning Blog

Thursday, August 11, 2016

What is estate planning?

Estate planning is the process of accumulating and disposing of an estate to maximize the goals of the estate owner. The various goals of estate planning include, but are not limited to: making sure that the greatest amount possible of a person’s estate passes to that person’s intended loved ones and beneficiaries; paying the least amount possible of taxes on the estate assets; and minimizing or altogether avoiding the extent of the probate process to which that person’s estate might otherwise be exposed. In formulating an effective estate plan, it is important to consider:

  • the size of the client’s prospective estate and what kind of assets (real, personal, monetary) are held in it;
  • who the client’s loved ones and intended beneficiaries are, how old they are, and whether or not any of them have any special needs or disabilities;
  • the type and extent of the potential estate or death taxes to which the client’s estate may be subject; and
  • what the client’s future goals and financial needs may be.

Many people believe that estate planning consists of nothing more than making a simple Will. A properly implemented estate plan can entail much more than that. Estate planning may involve not only financial and tax planning, but also medical and business planning. While a Will is certainly an important component of an estate plan, other documents should also be considered and discussed. These may include a Durable Financial Power of Attorney, a Durable Health Care Power of Attorney, a Revocable Living Trust, a Living Will, or even a Special Needs Trust. Remember, the circumstances guiding your decisions for your initial estate plan are likely to change as your life and financial situation changes. At Sommers Law Group we continue to work with our clients during their entire lifetimes. We want to ensure that their estate plans are current given existing laws and with respect to their wishes and goals.

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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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