topLAW OFFICES Of BRADLEY J. FRIGON

 

6500 S. Quebec Street, Suite 330
Englewood, CO 80111
720-200-4025     720-200-4026 (fax)

 

 

 

 

 

 

 

 

   

 

 

 

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Legal Link January 2016
It's That Time of Year 

At this time every year, I write a brief newsletter article to remind clients, colleagues and business contacts to update their estate plan and powers of attorney documents.  Information becomes dated, named trustees and beneficiaries might need to be changed, and financial situations change as well.  Tax consequences always need to be considered when passing assets to others.  Long Term planning is important to prepare for especially asset protection.  It is important to understand the rules which apply to successfully qualify for Medicaid. I often meet with clients as they prepare for the future to determine timelines for long term planning. It does not mean anything has to happen today but knowledge and information is key to being prepared.

 

Hope to see you in 2016.

Brad Frigon                           

 
Selecting an Executor?
An executor is responsible for implementing a Will's provisions under the law. So the executor ensures that your final wishes, those that are drafted in your estate plan, are carried out per your specific directions.  As you can imagine, your executor should be someone that you trust, is organized, and will not get wrapped up in emotion or family drama.
 
A family member, as executor, is not always the best option as the job requires time, patience and the ability to not choose sides if there are family disagreements.  In this case, a professional executor is a good choice as they do not have a direct stake in the outcome of the estate and will be more apt to follow the letter of the law in regard to notifying interested parties of actions.  The executor will have to take time from their work day to handle estate matters so that must also be considered when selecting your executor.
 
It is appropriate for the executor to receive fair, reasonable compensation for their work.  Another option is to reimburse the executor for expenses but not provide compensation.  If a family member serves as your executor bear in mind that they may request compensation which is paid from the estate. If this will cause family tension consider the corporate executor who typically charges based upon the assets in the estate. Their fee is not negotiable or subject to family disagreements concerning executor compensation.
 
Yet another consideration when selecting an executor is the emotional side of serving.  Assets in many estates must be sold or divided, such as real estate.  Children who serve as executor frequently have to sell the family home.  These homes can have deep emotional significance to family members and typically the home's market value does not match the home's emotional value.  In other words, the executor must have the wherewithal to handle economic and emotional demands.
 
Choosing an executor is just one facet of developing a comprehensive estate plan. When meeting with your elder law attorney to start this process the executor is an important part of the discussion.

 

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Dear Clients and Friends,

At the Law Offices of Bradley J. Frigon, we consistently strive to provide quality personalized legal services with the highest level of integrity and professionalism.  We assist clients with wills, trusts, probate and trust administration, probate ligitation, Medicaid and public benefits planning, tax palnning, guardian and conservatorships, and special needs trusts.

Please feel free to give us a call if we can provide assistance with your specific needs.  Your comments and questions are important to us, please send them to Vicki for immediate attention.

Sincerely,

Law Offices of Bradley J. Frigon