Estate Planning
At Colorado West Investments, we cover estate planning with all of our clients. If need be, we will meet with a client and his/her estate planning attorney to generate a sound estate plan that minimizes estate taxes and maximizes benefits to heirs.
Estate Planning
Estate planning is a process that ultimately spells out how you want your assets distributed after you pass.
It can be simple or more complicated in nature but generally involves the generation and maintenance of essential documents such as:
- Will and Trusts
- Beneficiary Designations
- Powers of Attorney, specifically the durable Financial Power of Attorney and the durable Medical Power of Attorney powers of appointment
- Advanced Medical Directive (Living Will)
Many people (and even some attorneys) confuse a living will with a durable medical power of attorney. A living will sets out directives concerning end of life decisions, whereas a durable power of attorney gives all medical decision making authority to an appointed individual upon incapacity, including end of life decisions. Some people have both a living will and a medical power of attorney.
Doing it Right
A good estate plan will also consider how assets are titled between husband and wife so as to maximize potential step-up in cost basis and to minimize capital gains and estate taxes.
All estate planning documents should be immediately reviewed upon:
- Changes in Federal or State Death Tax Rules
- Significant changes in Financial Circumstances and/or Family/Heir circumstances
- Changes in your wishes
- Death of your spouse
