Colorado Probate Blog - Wade Ash Woods Hill & Farley, P.C.

What’s So Bad About Donor-Advised Funds?

Last Friday, the New York Times published a very negative article about donor-advised funds (DAFs), calling them a “Philanthropic Loophole” in its headline and quoting a tax professor at the University of Southern California as calling DAFs “a fraud on the American taxpayer.” What, exactly, is a DAF, and are DAFs really so bad?

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Swedish Death Cleaning

A common problem which many families encounter following the death of a parent or other relative is how to deal with the decedent’s personal property. In the absence of a legally effective personal property memorandum, will, or other governing document signed by the decedent specifying who gets what, the disposition of the personal property sometimes leads to bitter, protracted, and often times expensive controversies between the surviving spouse, children of the first or subsequent marriages, or other family members.

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Timeline for Preparing and Updating Wills and Trusts

The law allows a person to sign binding contracts including Wills at age 18, the age when young adults should begin to plan to avoid financial and medical complications in the event of debilitating illness, injury or death.  Wills, Medical and Financial Powers of Attorney, and Advanced Directives are the basic documents that every person should have in place.

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584 Hits

Pretermitted Heirs

Suppose you have a will and then, following the execution of the will, get married/or have a child. Did you know that Colorado has a “pretermitted heir” statute which basically provides that, under those circumstances, the new spouse or child is granted an intestate share of your estate. The intestate share is 50% + for a spouse and an equal share of the balance for a child. The shares are to be distributed outright, and the failure to redo your will may seriously distort the pattern for distribution of your estate. For example, your present will may set up trusts for children which coordinate the management and timing of trust distributions for the benefit of your other, pre-existing children.

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1663 Hits