What Is Estate Planning?

Estate Planning helps carry out your wishes when you’re no longer able to look after your affairs. Our estate planning services located in Denver can help protect the financial stability of your loved ones as well as minimize taxes, expenses, and legal hassle with transferring assets to heirs. Major issues can arise if you don’t have the proper estate planning documentation and asset protection strategies in place.

Do You Have the Appropriate Estate Planning Documentation?

These are a few questions you should be asking yourself. They are designed to act as a starting point for your preparations.

  • Have you discussed your wishes with your spouse and loved ones?
  • Do you have an updated Will?
  • Have you executed a living Will and healthcare proxy to protect your wishes in the event of incapacity?
  • Have you named guardians for your children?
  • Have you created a Trust and titled your assets in the name of the Trust?
  • Were your estate plans constructed to minimize tax consequences?
  • Have you reviewed your primary and contingent beneficiaries to make sure they reflect your priorities?

If you’re unsure about any of these issues, it may be time to request a legal and financial review.

Reasons To Have an Updated Estate Planning Strategy

  • Keep control of your assets. If you die without a will or trusts in place, the laws of your state govern how your estate is distributed. An estate planning strategy in Denver, Colorado will differ greatly from one in Portland, Oregon. Rather than allowing the government to decide who receives your assets, your first priority should be to make sure your assets go to your heirs.
  • Minimize your expenses. Avoiding probate can potentially save your family thousands of dollars in legal fees. In many states, probate fees can be as much as 5% of the value of the estate. For an estate valued at $400,000, legal fees may reach $20,000 or more.
  • Save time. Most individuals seek professional financial advice after the loss of a loved one. While prudent, the best time to plan your asset protection strategy is before there is a problem in the first place.
  • Protect yourself from creditors. An estate plan with asset protection provisions may help you shield your assets from potential creditors and predators.
  • Protect your business. Estate planning in Denver, as well as every city, affords you the opportunity to make sure your business is protected. We can help provide you with contingency planning if you become disabled or pass unexpectedly so there is a seamless transition in business operations.

If You Have Beneficiaries Listed on Your Accounts, Do You Still Need an Estate Plan?

Beneficiary provisions are a valuable tool for reducing the expense and time associated with transferring wealth; however, they do not replace proper estate planning. We believe that the process of preparing your estate is critical to protecting your family and future financial affairs.

If you have worked with an attorney in Denver, Colorado to develop your estate plan, it’s still a good idea to regularly review your documents to make sure they still reflect your wishes. By not implementing current asset protection strategies you can create legal problems or expensive tax bills for your heirs. To help ensure that our clients have professional recommendations for their circumstances, we partner with legal professionals in Denver who specialize in helping clients create a personalized estate blueprint.

How We Can Help

We often meet with individuals that don’t have an updated estate planning strategy and leave themselves and their heirs vulnerable. The information we provided is general and intended to get you to ask yourself some important financial questions.

If you would like to review your current estate plan or need help creating an estate plan, please contact our Denver office.

Please Note: Limitations. The scope of any financial planning and consulting services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. Dechtman does not serve as an attorney, and does not prepare legal documents, including wills and trusts.

Tax Planning

  • Dechtman Wealth Management can help you preserve your hard-earned money and better help reach your short-term and long-term financial goals with the industry’s best practices to tax-planning.
  • Dechtman Wealth Management can help you preserve your hard-earned money and better help reach your short-term and long-term financial goals with its tax-planning consulting services.