Why Is Business Succession Planning Important For Family-Owned Businesses? Business succession planning is vital for family-owned businesses because, without it, significant assets may need to be sold upon the death of the business founders to pay taxes and settle claims. Succession planning ensures the continuity of the business through these transitions, preserving the founders' legacy and maintaining family ownership through it all. Typically, this planning involves using life insurance, specifically key person's life insurance, on key individuals within the business. This insurance provides the necessary funds to cover potential liabilities and estate taxes, allowing the business to continue operating without…Read More
What Delays Can Arise During The Probate Process? How Can I Avoid Them? Delays in the probate process can be frustrating and costly. Understanding the potential sources of these delays and how to avoid them can help facilitate a smoother experience for you and your loved ones. One major factor in this is the type of probate. Formal probate requires court approval for almost every decision, which can significantly slow down the process. To avoid this, opt for informal probate whenever possible, unless the situation specifically warrants additional scrutiny from the court. Another common cause of delay is the personal…Read More
What Is Digital Estate Planning? Digital estate planning is a relatively new concept within the field of estate planning. It addresses the management and control of an individual's digital assets after they pass away. Digital assets encompass a wide range of items, such as downloaded music in your Spotify account, email accounts, cryptocurrency holdings, and anything else that exists primarily in a digital form. Since the internet and digital tools such as websites and applications have become integral to conducting business and socializing, the question of who owns digital assets after someone dies has become far more important. To address…Read More
Why Are Guardianships And Conservatorships So Important When Creating An Estate Plan? Guardianships and conservatorships play a critical role in estate planning, especially when it comes to providing for any minor children you may have. Here are some reasons why they are so incredibly important: Authority When creating a will, you can name guardians who will take care of your minor children if something happens to you. This ensures that your children are cared for by someone you trust even when you’re no longer around to do so yourself. Financial Provision Instead of naming a conservator in your will, you…Read More
In this article, you can discover… The differences between joint and sole custody in Colorado. Which factors make receiving sole custody more likely. How practiced legal representation can help in custody cases. What Is The Difference Between Joint Custody And Sole Custody? Custody is the legal term that was previously common in Colorado; now the terms used are “parenting time” ( the amount of time you spend with your child) and “decision-making” (making major decisions about your child’s life, healthcare, and education). These two aspects are handled separately by the courts. For example, a court may decide that your child…Read More
What Is A Guardianship? A guardianship is a legal arrangement where a court appoints someone to take care of a person who cannot manage their own daily needs. They generally apply to children and adults. Children Even though children aren’t disabled in the commonly understood sense, they are considered legally unable to make decisions for themselves because they are not of legal age. Therefore, guardians are appointed to care for them. Adults Adults who can no longer take care of themselves due to medical or mental conditions may also need guardians. This includes those with severe illnesses, cognitive impairments, or other conditions…Read More
In this article, you can discover… The meaning and nuances of interstate parenting plans. Which factors are considered when approving interstate parenting plans. How legal representation can help clients parent across state borders. What Are Interstate Parenting Plans? Interstate parenting plans happen when one parent has moved out of Colorado or to another, much farther corner of the state either before or after a divorce is finalized. Interstate parenting plans take into consideration that your child will live with one parent the majority of the time due to greater distances. These plans also help you navigate holidays, transportation costs, and…Read More
In this article, you can discover… What is required to modify a child support order in Colorado. The role of Child Support Services in modifying orders. How long you can expect the modification process to take. What Are The Legal Grounds For Modifying A Child Support Order In Colorado? In Colorado, child support can be modified when a parent’s financial situation changes significantly enough to warrant an adjustment in the amount of support paid. This is decided by running new calculations to determine the parent’s income and expenses; an increase or decrease of at least 10% would allow for a…Read More
How Creditors Can Affect Probate In Colorado Notifying and paying creditors are central parts of the Colorado probate process. In fact, Colorado probate code establishes very specific rules for how and when an estate’s personal representative should notify and pay creditors. Understanding how these rules work and affect you can be essential to: Avoiding allegations that you have breached your fiduciary duty if you are a personal representative Protecting your rights and interests, if you are a creditor, an heir, or a beneficiary When you need help with creditors in probate, you can turn to Colorado Springs Probate Lawyer Tammy…Read More
Probate is a lengthy, stressful process, and many people assume they’ll have to deal with the probate process. However, there are ways to avoid probate, especially when you have a probate attorney on your side. Akers Law Premiere Probate Litigation has experience navigating probate and preparing your will and other affairs. By making adequate preparations, your loved ones may be able to avoid probate. Akers Law can help you do that by keeping you informed of the probate process and what it entails. If you want to avoid probate, use these tips. They will not only make it more likely…Read More
