FAQs

Do I need an estate plan if I have a small estate?

Generally, smaller estates will fare worse than larger ones if a clear estate plan is not created because the cash reserves in the estate may be liquidated needlessly for probate attorneys’ fees and/or estate taxes. Also, small is a relative term so you may think your estate is small; however, the IRS may think differently. With any size estates, it is important to have a clear plan that is simple to execute and avoids lengthy court processes.

Will a Living Trust protect my assets from creditors?

A Living Trust can protect your estate from chaotic events such as probate and disability; however, your creditors may still attach to assets in a revocable living trust. A Living Trust can, if properly drafted, provide asset protection for your beneficiaries and there are other asset protection options to consider if you’re seeking creditor protection.

Will Putting My Family’s Names On All My Assets Be An Effective Estate Plan?

Although joint titling of assets is an option, most of the time it is a bad choice because it exposes your estate assets to the creditors of your family members and once this is done it is difficult to undo in the event of a bankruptcy, divorce or other legal conflict. A revocable trust accomplishes the same goals without the needless risk to your estate.

Can My Spouse Or Children Just Make Decisions For Me?

Although it may seem logical, your family members are not legally empowered to make decisions on your behalf simply because they are family. The proper legal documents such as Durable Powers of Attorney and Medical Directives must be executed in order to allow family members to make legal decisions for you.

Can I Just Give Away My Assets Before I Die?

Although gifting of assets is a planning option, the timing generally does not work so that gifting at the right time becomes a viable strategy. Too often, the estate assets are required for support and gifting away assets will result in inadequate funds to live on. If Medical is involved, there is a look back period for any transfers so a gifting strategy could backfire leaving an individual with no assets to pay for needed long term care and no public benefits. Also, gift tax returns must be filed and if over the limit, a Federal Tax can be levied on gifts.

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Circle of Trust Law

I would highly recommend Steven Gibbs and his staff for your Estate Planning and Asset Protection needs. They are available to ensure you are comfortable and confident in the decisions you make. The personalized service you receive from Steven and his staff is like no other I have experienced.

Circle of Trust Law

I am a client of Steve Gibbs. Originally a County Commissioner from Colorado, I had little knowledge of local laws. Not only did they prepare my trust but educated me relative to becoming a resident. It is with utmost admiration that I recommend this firm.

Circle of Trust Law

As a family man and business owner, I found that the team at Circle of Trust Law has handled my various legal planning needs with competence and compassion.

Circle of Trust Law

I am a busy physician in need of estate planning. Circle of Trust Law worked with my financial advisor to ascertain that my assets were properly placed in my Trust. Not only did they accomplish the task, but brought all documents to my home so they could be executed during my busy schedule.

Circle of Trust Law

My wife and I met the team of Circle of Trust Law at a Senior Expo. My wife has early stages of alzheimer’s and it was great that they had such compassion for a simple Will. They continue to think of us and called us relative to possible VA benefits. Thanks Linda and Gene.

Circle of Trust Law

As an investor, it is imperative that I have an attorney ready, willing and able to meet all my real estate needs. Circle of Trust Law is such an attorney. I use their services to hold all my properties in Land Trusts owned by LLC’s. It is great to use an attorney who understands my needs.