Highlands Ranch Estate Planning Lawyers 

Plan for Your Family’s Future

When it comes to planning for the future, many people overlook the importance of estate planning. Having an effective estate plan in place can help you ensure that your loved ones are taken care of when you're gone. It can also make sure that your wishes are respected. You can create an effective estate plan with help from an experienced lawyer.

Skipton Law can provide the legal services you need to build a comprehensive estate plan. No matter how simple or complex you need your estate plan to be, we have the experience and skill necessary to help you achieve your goals. 

We can help clients with estate planning matters such as the following: 

• Wills 
• Trusts 
• Asset Protection 
• Advance Directives 
• Medicaid 

Our Highlands Ranch estate planning attorneys are ready to help new clients prepare for their future and the future of their family. Reach out to us to request a consultation and see how Skipton Law can make a difference in how you think about and plan for tomorrow. 

Secure Your Legacy Today – Don’t wait to protect your family’s future. Contact us at (720) 770-3880 for a consultation.

Why Do I Need an Estate Plan?

Creating an estate plan is one of the most important steps you can take to protect yourself and your loved ones. It allows you to determine how your assets are distributed, who will be responsible for administering your estate, and who will take care of minor children in the event of your death. With proper planning, you can ensure that your wishes are carried out even after you're gone. 

Here are some of the key reasons why it's important to create an estate plan:

• Protect Your Assets - An estate plan can protect your assets and prevent them from being wasted or mismanaged. It can also allow you to designate specific beneficiaries for different types of assets, such as digital accounts, property, investments, and more. 
• Secure Your Family's Future - An estate plan can help safeguard your family’s financial future in the event of your death. It can ensure that your wishes are respected when it comes to the distribution of assets and provides clear instructions for how they should be handled in the future. 
• Minimize Taxes - Estate taxes can be significant, especially for larger estates. Proper estate planning can help reduce the amount of taxes owed and ensure that your assets are distributed according to your wishes. 
• Reduce Legal Costs - An estate plan can save time and money by specifying how you want your affairs handled after you’re gone, which reduces the need for court proceedings. This makes it easier for your family to handle the probate process without incurring additional costs. 
• Provide Peace of Mind - Knowing that your estate is in order can provide peace of mind, especially if you have minor children or vulnerable adults who need to be taken care of after you’re gone. An estate plan helps ensure that their future is secure and that they are provided for in the event of your death. 
• Dictate Your Medical Wishes - An estate plan also allows you to create a living will, which outlines your wishes regarding medical care and end-of-life decisions. This can be especially important if you become incapacitated or are unable to make decisions for yourself. 

Creating an estate plan is an essential step for ensuring the future of your family and your assets. It can help ensure that your wishes are respected and carried out, even after you’re gone. Talk to a qualified estate planning attorney to get started on creating an estate plan that meets your needs. 

Types of Trusts and Their Benefits

Trusts are powerful estate planning tools that help manage and protect assets for your beneficiaries. The right type of trust depends on your specific goals.

• Revocable vs. Irrevocable Trusts – A revocable trust allows you to maintain control over your assets and make changes during your lifetime. An irrevocable trust, once created, cannot be changed but provides stronger asset protection and tax benefits.
• Special Needs Trusts – Designed to provide financial support for disabled beneficiaries without jeopardizing their eligibility for government benefits like Medicaid or Supplemental Security Income (SSI).
• Charitable Trusts – These trusts allow you to leave a portion of your estate to a charity while also benefiting your heirs, often providing tax advantages.
• Asset Protection Trusts – Used to shield assets from creditors, lawsuits, or financial risks while ensuring wealth is preserved for your heirs.

Estate Planning for Business Owners

Business owners need a solid estate plan to ensure a smooth transition of ownership and protect assets from unnecessary taxes or legal disputes.

• Succession Planning – Outlines who will take over your business after your retirement, incapacity, or death, ensuring a seamless transition.
• Protecting Business Assets – Placing business interests in a trust can help avoid probate, maintain privacy, and protect your business from potential legal issues.
• Tax Strategies – Proper planning can minimize estate taxes and capital gains taxes, preserving more of your business wealth for future generations.

How to Avoid Probate

Probate can be time-consuming and costly, but strategic estate planning can help your family avoid the process.

• Minimizing Probate Costs and Delays – Using trusts, joint ownership, and beneficiary designations can help avoid lengthy probate court proceedings.
• The Role of Living Trusts – A living trust allows you to transfer assets directly to beneficiaries without going through probate, ensuring faster distribution.
• Designating Beneficiaries – Naming beneficiaries for bank accounts, life insurance, and retirement plans ensures that assets pass directly to heirs without court intervention.

Planning ahead can protect your loved ones from unnecessary stress and expenses. Contact us today to learn how a well-crafted estate plan can benefit you.

When Is It the Right Time to Start My Estate Plan? 

If you don’t have an estate plan, or it has been years since you created one, now is the best time to consider your options. No one is ever too young or too old to plan for the future, and you should never wait until an estate plan is immediately necessary to begin this process.  

That said, our estate planning attorneys in Highlands Ranch can help you make the arrangements you need under any circumstance – just reach out to us for legal support you can trust. 

Frequently Asked Questions (FAQ) About Estate Planning

What happens if I die without an estate plan?

• If you pass away without a will or trust, your estate will go through intestate succession, meaning the state will decide how your assets are distributed. This process can be lengthy, costly, and may not align with your wishes.

Do I need an estate plan if I don’t have many assets?

• Yes! Estate planning isn’t just for the wealthy. It ensures your medical and financial decisions are handled properly, protects your loved ones, and prevents unnecessary legal complications.

Can I make changes to my estate plan after it’s created?

• Absolutely. Your estate plan should be reviewed and updated after major life events like marriage, divorce, the birth of a child, or acquiring new assets.

How can I make sure my children are taken care of if something happens to me?

• You can designate a legal guardian in your will to ensure your minor children are raised by someone you trust. Without this, the court will decide guardianship.

What’s the difference between a will and a trust?

• A will outlines how your assets will be distributed after your death and goes through probate. A trust allows assets to pass directly to beneficiaries, avoiding probate and offering more control over distributions.

Who should I name as my power of attorney?

• Choose someone you trust to make medical and financial decisions on your behalf if you become incapacitated. This could be a spouse, adult child, or close friend.

Do digital assets need to be included in my estate plan?

• Yes! Digital accounts, cryptocurrencies, and online businesses should be included so your loved ones can access and manage them after you’re gone.

Plan Ahead with Confidence – Ensure your wishes are honored and your assets are protected. Contact us now at (720) 770-3880!