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Estate Planning - You may hear the word "estate" and think it's something that applies only to the rich, not someone like you. Actually, an estate refers to the total of your assets, whether very valuable or quite modest. Almost everyone has an estate and expects to leave it to heirs when he or she dies. But that also might leave heirs with a tax burden.

Law Offices of Linda Sommers Green handles a variety of estate planning matters, including planning for the distribution of an individual's property at his or her death and the provision of preparing powers of attorney in the event of an individual's incapacity. Together you and Ms. Green will explore all aspects of estate planning options to help ensure the transfer of your assets to the people you treasure.

You've worked a lifetime creating a legacy you hope to share with your children and grandchildren - make sure you have the right tools in place to hand down your assets to the people you love most.

To establish a good estate plan, it's critical to determined the best possible ways to:

• Protect your assets so they last as long as you do.
• Transfer those assets to your loved ones with the least amount of cost after your death.
• Arrange for the proper ownership of assets so they pass according to your plan.

It's best for both spouses to have a will or revocable trust, even when all significant assets are held in joint tenancy. These documents can be revised or revoked, as desired, during your lifetime. With a will or revocable trust, your assets can be distributed according to your wishes. You can name your own beneficiaries and place the assets you choose in trust for various purposes. You can appoint the person or banking institution you want to administer your estate (the Trustee), and decide who should serve as guardian for your minor children. Without a will or revocable trust, Colorado law will say how your estate will be distributed.

Estates can be as diverse as people and once Law Offices of Linda Sommers Green has a good idea of what you want and what your assets are, she will suggest various options to help you achieve your objectives.

Estate Planning includes a variety of tools to ensure your legacy:

Wills - Having a will is the first thing that most people think of when considering an estate plan. A will is a legal document by which a person provides for the disposition of his/her property at death. A will also names people to do important jobs, such as the personal representative who administrators the estate or guardians for your children.

Even if you want to leave your estate to the same people who would receive it if you had not will, a will can simplify administration in the probate court and allow for different kinds and degrees of distributions. A well-drafted will can often reduce the time and expense of administering an estate in probate court.

If you have a will, is it up to date? Did you prepare it yourself, or hand-edit an earlier document? Have you had any major relationship or property changes since your last will? It's possible your pre-existing documents could have an entirely unintended effect after you pass. For wills to be valid, they must be drafted accordingly to strict legal rules, and if those rules are not observed, your will may not be valid. In such a case, a judge will decide how your legacy will be distributed.

Because of changes in Colorado law and federal tax law, it is prudent to have a will reviewed periodically, so it is important to stay in touch with an estate planning attorney. Do not think of estate planning as a onetime transaction, but as an on-going process. Let Law Offices of Linda Sommers Green help give you peace of mind that your intentions will be carried out.

Trusts - Like a will, a revocable living trust lets you direct how the property you place in the trust will be distributed after your death. You appoint a trustee to manage your trust property. Unlike a will, you can also establish in your trust how your property will be managed during your lifetime, if you become disabled. Another difference is that the trust allows you to pass your estate on to beneficiaries without going through the probate process. As a result, your trust property can sometimes pass more easily to your beneficiaries.

You can change or revoke the trust at any time, and you can be the grantor (creator) of the trust, the beneficiary of the trust, and the trustee (the person in control of the assets) of the trust. Should you become incapacitated, a trust allows you to name a trustee that can control the assets and keep them safe on your behalf.

During your lifetime, you (and your spouse, if that's the arrangement) can receive distributions from the trust. After your death, distribution of the assets held in the trust is made to the remaining beneficiaries specified, by you, in the trust.

A living trust can be beneficial if you contemplate a complicated probate administration. It is also helpful when you are incapacitated or disabled so that your assets can be managed, by the trustee you name, for your benefit. A living trust also allows you to manage assets given to an adult child that you would rather not have an outright distribution upon your death. Ms. Green will discuss all of these issues with you when you meet to explore your complete estate plan.

It is important to remember that writing a trust document is not enough to establish a living trust. You must also "fund the trust" and Ms. Green can asset you in this regard.

Probate and Estate Administration - Probate is the legal process by which a person's debts are paid and assets are distributed upon her or his death. Estate administration includes the probate process as well as non-probate transfers of the loved one's assets. Without careful attention, it's possible for a family member's assets tobe distributed improperly, nullifying their legacy to future generations. Contact Law Offices of Linda Sommers Green for assistance in making sure the estate is distributed appropriately and according to both law and the loved one's wishes.

Guardians and Trustees - Who would you want to raise your kids if something happened to you and your spouse? Who would manage your money to make sure they were provided for? Law Offices of Linda Sommers Green is a mother herself, and understands that these difficult questions can be tough to tackle, but are absolutely essential to handle. If you don't specify your preferences, a judge may be making these decisions in your absence. Ms. Green can help by crafting guardianship and trustee provisions in your will to make sure your wishes are honored.

Powers of Attorney - Most people think of estate planning as something that really doesn't bear fruit until our death. However, a good estate plan must take into account the possibility that you may someday be unable to care for yourself, make decisions, or even regain consciousness, but remain alive. If you should become disabled, your bills still must be paid, taxes must be filed, your business must carry on, and your property and assets must be managed. You may expect your spouse to take care of these things for you, but what if he or she is disabled or killed at the same time as you, or even at a later date, while you remain disabled? What if your spouse is simply unable to handle your affairs? There is no "one size fits all" power of attorney form. An estate plan must provide for such circumstances. Those are matters that you will discuss with Ms. Green when you meet to explore your overall estate plan.

Everyone should think about having a power of attorney. Having one can be more important to your personal well-being than a will. It allows you to pick someone you trust to handle your affairs if you cannot do so yourself. It gives you peace of mind, knowing that in an emergency someone you choose will have the authority to act for you. If you don't have a power of attorney and you are suddenly incapacitated, your family may have to go through an expensive and time-consuming court action to appoint a guardian or conservator.

A power of attorney is the giving of legal rights and powers by one person (the principal) to another (the agent). The law imposes the responsibility on the agent to act as your fiduciary, and therefore has a higher responsibility to act in the principal's best interests. A durable power of attorney is the best protection against the consequences of becoming disabled. Durable powers of attorney are not nullified upon a person's incapacity. Durable powers of attorney can become effective immediately upon signing the document, and remain effective after the principal's disability, or it can become effective only upon the principal's disability. Any of these powers of attorney can be cancelled or revoke so long as you are not incapacitated. All powers of attorney come to an end at your death. Your agent will have no power to make any decisions after you die.

Law Offices of Linda Sommers Green suggests having two powers of attorney, a general power of attorney and a medical power of attorney.

General Power of Attorney - An agent is appointed by the principal to manage all or part of your business and/or personal affairs. This document allows someone that you name to sign checks, pay bills, transfer funds, deal with the Internal Revenue Service and handle other legal and financial matters. No one, generally not even your spouse, has the authority to do this unless you give the person that authority through a power of attorney. Its flexibility is one of its main advantages. You can limit authority of the agent in the document, giving the agent as many or as few powers over your property as you wish, attaching conditions on those powers if necessary.

Medical Power of Attorney - This power of attorney gives another person (the agent) the authority to make medical decisions for you if you are unable to make them for yourself. If you do not have a medical power of attorney, you family or friend (perhaps someone you would not name if you had the choice) will have to file a court action requesting appointment as your guardian. In the meantime, your doctor and medical providers will use their own discretion in deciding what kind of medical care you will receive, possibly seeking a family member's input. Problems arise when family members disagree about what treatment is proper. These battles can end up in court, where a judge is called upon to decide the future of your treatment. These problems can be alleviated if you have the care and foresight to use a formal document to express your wishes for your healthcare.

If you name someone to have the power of attorney for your health care, inform the person who has been named and discuss your wishes with that person. This will make it easier for the person with the power of attorney to make an appropriate decision should the need arise. It is also helpful to give a copy of the power of attorney to your doctor and/or hospital.

Living Will - This directive, given to your doctor and other healthcare providers, sets forth your wishes about what medical treatment should be withheld or provided if you become unable to communicate those wishes. This is a different and less expansive document than the medical power of attorney. Nevertheless, this is an important tool that should accompany your entire estate plan.

Equine Law - Law Offices of Linda Sommers Green is an invaluable resource for help with a range of equine-related matters. As a proficient horsewoman and advisory counsel to Colorado Horse Rescue, she brings a wealth of experience to the area. Contact Law Offices of Linda Sommers Green for assistance with boarding contracts, breeding agreements, the purchase or sale of horses, and other equine transactions or disputes. Contact Law Offices of Linda Sommers Green at linda@lindasommersgreen.com 200 Union Boulevard, Suite 316 Lakewood, Colorado 80228 Phone: (303) 984-9900 Fax: (866)-399-3560 Email: linda@lindasommersgreen.com

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