Many people think that the terms "estate" and "estate planning" only apply to the wealthy, so they do not protect themselves with estate planning tools. This misconception can be financially and emotionally devastating to those families that have not protected themselves with proper estate planning. An estate simply refers to the total of your assets, be it modest or extensive. The main goals of Estate Planning are to protect an individual's assets throughout their life, to clearly identify proper ownership of those assets after an individual's death and to minimize the cost of the transfer of those assets to loved ones. Estate plans should be as individualized as the people they protect and can always be revised or revoked throughout an individual's lifetime.

Estate Planning will focus on the most beneficial ways to:

• protect your assets to last throughout your lifetime
  
• transfer the ownership of those assets for the lowest cost to your loved ones
  
• establish proper ownership of your assets after your death

If you have loved ones and own anything that you would like to leave to them, then estate planning is for you! Without proper estate planning, including a will or revocable trust, your estate will be handled by the power of Colorado law, rather than your own wishes. This can result in unexpected tax burdens for your loved ones as well as years of emotional legal battles trying to resolve your estate. In addition to your legacy and your assets you can leave your loved ones the gift of an estate plan that protects them in their time of sorrow.

Benefits of estate planning:

• Reduce or eliminate potential tax burdens to heirs
• Clearly delegate ownership of property
• Establish a power of attorney
• Relieves your loved ones of legal issues in their time of sorrow

Elaine Esther Lukic is experienced in a variety of estate planning matters and respects the heart of that which is estate planning, and that is your wishes and the protection of you and your loved ones. Elaine Esther Lukic offers a range of estate planning services, from basic needs estate planning services for the average American to sophisticated estate planning for the ultra wealthy. Elaine Esther Lukic will guide you though your estate planning options and will work with you to establish the most beneficial estate plan for you and your loved ones. A note for married couples: Elaine Esther Lukic recommends that both spouses maintain independent wills or revocable trusts, although their assets may be owned jointly.

Estate Planning Tools:
Estate Planning utilizes a variety of tools and services to protect you and your loved ones. Everyone should have a number of these documents in place, regardless of economic status or age.

Wills:
A will is legal documentation of a person's desires for the disposition of their property upon their death. A will also outlines specific people who are to be named as guardians of their children or as the administrator of the estate.

Most Americans are familiar with the concept of a will. Many Americans already have a will, but not many are aware of the strict legal guidelines that are required for a will to be legally valid and sadly this can result in a legally invalid will. These cases will usually end up in the state court system and the assets of the estate may be distributed by Colorado law, rather than by the intentions of the deceased. Even a carefully written will, without revisions, can become problematic as Colorado laws and federal tax laws change over the years. For this reason, it is important you establish a relationship with an attorney you can trust to meet your estate planning needs throughout your lifetime and Elaine Ester Lukic committed to doing just that.

To ensure your will is legal you should:

• Have your will drafted by a knowledgeable and experienced attorney
• Update your will whenever you have changes in your assets and or changes in your personal relationships
• Have your will updated at least once every year

Trusts: A Revocable Living Trust is very similar to a will. However a trust also allows you to appoint a trustee that will manage your trust property and to stipulate how your property will be managed during your lifetime, should you become disabled or incapacitated. Trust property is passed down easily, quickly and privately to your beneficiaries since it will not have to go through probate proceedings.

You have the right to update or revoke your trust at any time. A revocable living trust allows you to name both a trustee and successor trustee to act on your behalf without the necessity of a court order and continuing supervision. You also have the right to assign yourself as the grantor (creator), the beneficiary and the trustee of the trust. This will keep you in full control of your own assets, but allows for a successor trustee to step in automatically if you are incapacitated.

The trust can also provide you with distributions (financial or otherwise) throughout your own lifetime, until the event of your death, when the remaining assets within the trust will be distributed to your beneficiaries, as outlined by your wishes within the trust.

Establishing a Revocable Living Trust can also provide someone to step in and run your affairs in the event that you are temporarily or permanently incapacitated during your lifetime. Estate planning includes provisions for emergencies when you are alive and allows you to designate your wishes in case you are temporarily unable to: pay bills, care for minor children or run your business, because of anything from being unexpectedly detained out of the country, hospitalization from an unforeseen accident or disabling health problems such as Cancer or Alzheimer's. While able, you will continue to run your own affairs, and should the need arise for someone to act upon your behalf, the Revocable Living Trust clearly designates who that person shall be and outlines exactly what you want them to do on your behalf.

You need a revocable living trust if you:

• You have minor children that will need a guardian if you are temporarily incapacitated
• You have a family business that will require someone to pay bills and make business decisions if you are suddenly unable to do so yourself
• You would prefer to avoid the publicity, delay and expense of probate
• You would like to spare your loved ones of legal issues at a time when they will be suffering emotionally
• You would like your assets distributed privately and specifically how you request
• You expect your and your spouse's combined assets to be in excess of $1,000,000 and would like a simple method of avoiding $250,000 in federal estate tax
• You have children from a prior marriage and a new spouse and would like your spouse to have use of your assets for a certain period of time, but your children actually inherit them
• You don't have a revocable living trust, but you do have some assets and would like for your loved ones to inherit these assets without delay

Guardians and Trustees: During the estate planning process Elaine Esther Lukic will help you legally document who you would like to leave as guardians of your children and trustees to your estate. These issues can difficult for anyone to determine. However, legal documentation of these preferences is of the utmost importance. Without legal documentation of your wishes for the guardians for your children, the Colorado judicial system will decide the fate of your loved ones.

Probate and Estate Administration: These items are used as management tools for the handling of the estate following an individual's death. Probate is the legal process that ensures a person's debts are paid and assets allocated upon their death. Estate administration consists of probate and non-probate distributions of the deceased's assets.

Powers of Attorney: A good estate plan also includes protection of you and your assets before death as well as after. Preparing a good estate plan, you must consider the possibility that someday you may be unable to make decisions for yourself, care for yourself or even become incapacitated. If this should happen there will still be a variety of things that will need to be managed, such as your bills, taxes and assets. This is where the powers of attorney protect you. The power of attorney is when one person (the principal) grants legal rights and powers to another (the agent). There are two main types of powers of attorney that most American's benefit from.

• Durable Power of Attorney: A general power of attorney, which is what most people have, surprisingly becomes null and void if you become incapacitated, right when you need it. A special power of attorney called a durable power, gives you the legal right to name an agent to act for you in the event that you become incapacitated. Some of these powers may include writing out checks and signing for you to pay monthly bills, authorizing business transactions, etc.
• Medical Power of Attorney: If you are unable to make decisions for yourself due to being incapacitated, this power of attorney grants rights and powers to your chosen agent to make medical decisions upon your behalf. Should you become incapacitated and without a medical power of attorney, a host of issues concerning your medical treatment will arise. Without a medical power of attorney your medical team will use their discretion determining your medical treatment. When family members disagree about medical treatment more problems may arise. Applying for guardianship of an incapacitated loved one through the state court system can be time consuming and very emotional. Protect yourself as well as your loved ones and prepare a medical power of attorney and communicate with your chosen agent about your medical treatment wishes.

Anyone going to the internet and typing "power of attorney" will find any number of websites with standardized forms for sale or right there for download. It sounds perfectly simple, but don't be misled: a power of attorney enables another person to handle your affairs. Is it a general or durable power of attorney? Properly drafted powers of attorney also includes making very serious decisions for you such as deciding on your medical care if you become seriously ill, or disposition of your assets, effectively deciding the future of your family. The boilerplate documents found on the Internet often do not cover the very specific issues you may need. Medical powers of attorney are not always included, nor are clauses about gifting, real estate transactions or the ability to make asset transfers to affect Medicaid eligibility. Your family is unique, with unique needs and wishes. Elaine Esther Lukic will include all the appropriate provisions for you to assure that you have what you need to accomplish your wishes.

Living Will: A living will is a legal document given to your health care providers that establishes your preferences regarding medical treatment in the event that you are unable to communicate these desires yourself. You may specifically indicate your preferences for organ donation, lifesaving measures to be used, life support systems to be enabled and other choices that will otherwise be made by your next of kin, who may or may not want to be in that position. This document should not be confused with a medical power of attorney, which is more extensive. However, this document is an integral part of an estate plan and implementation would be recommended.

In addition to the standard tools listed above, Elaine Ester Lukic offers additional estate planning tools for very large estates:

• Charitable lead and charitable remainder trusts
• Irrevocable life insurance trusts
• Gifting
• Family limited partnerships
• Qualified personal residence trusts
• GRATS or Installment Sale to IDIT
• Generation skipping planning
• Estate tax exclusions for closely-held family businesses
• Conservation easements and charitable family foundations and for those with very large land holdings
• Avoiding and postponing large capital gains on appreciated stock and real estate
  

All initial legal consultations are FREE, so please contact Elaine Esther Lukic to schedule an appointment to discuss the details of your case.

Elaine Esther Lukic, Estate Planning Attorney.
Legal representation in Breckenridge, Vail and Denver Colorado, CO.
Click Here to Contact Elaine Lukic