Be prepared at any stage of life.
Estate Planning
We have over 35 years of experience fostering lifelong relationships with detailed estate plans, .
As a smaller firm located in Wheat Ridge, we pride ourselves on serving lifelong clients. Our friendly estate planning attorney focuses on fostering relationships and possesses a personal touch that is often missed in the big city law firms. Let us take care of your estate plan by listening to your goals and priorities, then documenting your intentions. Paula Tomko can help you with concerns involving transferring property, assets, gifts and tax implications.
Types of documents we handle for estate plans include:
Wills and trusts
Powers of attorney (medical and financial)
Appointment of guardians
Documentation to avoid probate
Custody preference of minor children
Tax solutions
Living wills
What is a will?
A will is a written instrument by which a person disposes of assets upon death. Assets might be the house, household goods, automobiles and any bank or investment accounts. The persons or charities that receive the property through the will are called beneficiaries. The will is generally in writing and also revocable (or cancellable) during life and can easily be changed as circumstances change. To transfer assets after death, a will is generally filed through the probate court and assets are transferred to beneficiaries through the probate process. This is the most commonly used vehicle to transfer assets on death.
Assets with a beneficiary designation, such as life insurance proceeds, bank accounts or 401K's, will pass directly to the beneficiary upon death without the need for probate.
What is a Trust?
A trust is also a written instrument and can dispose of assets upon death. Trusts can either be set up during life or included in a Will and established upon death. The best reasons to use a trust are if property is owned in more than one state or if there are estate tax concerns. A trust can hold the property titled in the name of the trust upon creating the trust. Many people form trusts and never actually fund them. A simple description of a trust is that it is similar to a box. If the box is empty, so to speak, then it is an unfunded trust because no property has been titled in the name of the trust. Every trust must include a pour over will which ensures that any property, which was not titled in the name of trust at death, can be transferred into the trust upon death. Many people do not understand that an effective trust should be funded during life because if it is not funded, upon death it will need to be funded. The way to fund a trust after death is to probate the will to add the assets to the trust. Therefore, trusts do not always "avoid" probate as some advertise. Many people do not like the fact that their assets must be titled in the name of the trust. Further, estate tax limits are so high at this time, often a trust is not needed for tax purposes.
Assets with a beneficiary designation, such as life insurance proceeds, bank accounts or 401K's, will pass directly to the beneficiary upon death without the need for probate.
Two types of Powers of Attorney:
Medical Powers of Attorney
A medical power of attorney allows you to designate another person (an agent) to make your medical decisions if you cannot make them. It is important to note that these documents only come into play when you cannot act for yourself. As long as you are in your right mind and conscious, you can make your own decisions. It will cover who should make your decisions, what powers your agent should have regarding "do not resuscitate orders", life saving measures, nursing home placement and end of life decisions. The document allows you to choose whether you want to be an organ donor or whether you want to leave your body to science. This document takes effect from the day you sign it until the day you die or you revoke it. Your agent does not have to obtain a court order indicating that you are incompetent in order to use the document. Your agent can use the document at a time when they think it is appropriate. This document allows your agent to talk with the doctors in real time when they can advise as to the best course of action.
Financial Powers of Attorney
A financial power of attorney, allows you to designate another person (an agent) to access your financial accounts and do tasks such as pay your bills if you cannot. Again, it is important to note that these documents only come into play when you cannot act for yourself. Your agent can make financial and investment decisions, pay your bills, contract for services that you need (such as supplemental oxygen or grocery delivery) and pay for other goods and services for your benefit. Your agent does not have to obtain a court order indicating that you are incompetent and can use the document at a time when your agent believes it is appropriate.
The “Living” Will:
People often say they have a "living will". That document is not really a will at all. In Colorado, this document is called the Declaration as to Medical and Surgical Treatment. It allows you to set forth parameters around surgical and medical treatment. In this document you will designate how long you wish to be on life support, how long you wish to receive artificial nourishment and hydration and when such services should be discontinued. This document is not necessarily a flexible document as the parameters for care must be chosen at the time of execution of the document even though you will not know what your condition is in the future. Typically this document handles your last illness. A person can execute both a Medical Power of Attorney and also the Declaration as to Medical and Surgical Treatment. However, it is beneficial if both documents are consistent and do not conflict with each other.
No matter what your age or what your assets, everyone needs an estate plan. Determining a plan for legal affairs is helpful for surviving loved ones and lends peace of mind, knowing you legally documented your wishes. The attorney at the legal office of Paula M. Tomko, Attorney at Law, can help everyone at every age plan for their legacy. We can coordinate all estate plan details from a will or trust to powers of attorney, retirement funds and personal effects.
We are dedicated to helping you in every aspect of estate planning that includes making revisions as needed, so your plan is kept up-to-date at all times. We can provide documentation to keep your assets and property out of Colorado's probate process.
We serve all metro area cities including Arvada, Boulder, Denver, Golden, Lakewood, Littleton, Thornton, Wheat Ridge, and Westminster.