<![CDATA[ - News / Blog]]>Wed, 06 Dec 2017 15:13:03 -0800EditMySite<![CDATA[What is a Trust? (by Larry Gaddis)]]>Mon, 07 Aug 2017 19:50:33 GMThttp://www.gaddiskinherd.com/news--blog/what-is-a-trust-by-larry-gaddisWhat is the purpose of a Trust?
There are numerous types of trusts.  One type is a Trust for minor children.  This type of trust is usually created in a person’s will and is effective only if the parents don’t survive. This type trust can delay distribution of assets to a child (without a trust they would usually get their share of the estate at 18, an age that some might say is too young.) or control distributions either in a lump sum or in several installments over several years.
What happens if there is no trust and minor children are inheriting assets?
The court will establish a thing called a Conservatorship.  A Conservator will be appointed by the court.  They may or may not be someone you would want involved with your children’s money, there are annual reports required to the court and the children will get the money at age 21 whether or not it is appropriate.  Conservatorships can be quite costly since everything has to be done through the court.
What are some other type Trusts?
 Another type of trust is an agreement between the person with the assets, the Grantor or Settlor (I will use the term Settlor) and a person to manage the assets, the Trustee, for the benefit of someone called the Beneficiary. This is most commonly called a Revocable Trust or Living Trust or Revocable Living Trust.  In that type of trust it is very common for the Settlor, Trustee and Beneficiary all to be the same person.  If we stop there I am fond of saying that a Revocable Living Trust is one of the dumbest things I have ever heard off.  We end up exactly where we started BUT things don’t remain the same way forever.  While the Settlor of the trust will never change, the Trustee will change when the Settlor can no longer handle the management of the trust assets.  Also the Beneficiary will change upon the death of the Settlor.  If a person has a trust it will become the principal estate planning vehicle instead of the will. 
Which do you prefer, a will or a trust?
It really depends on the situation of the client.  If the client owns real estate outside Colorado or if there is the probability of a long term disability then I will usually recommend a trust.  If neither of these things apply I will typically recommend a will,.
Trusts cost more to setup and fund.  Because of Colorado’s Probate law I don’t think that most people get enough value out of a trust to justify the extra cost.  If anyone has attended one of these “free dinner” estate planning presentation they will be presented with all the reasons that a trust is superior.  I don’t disagree that in some areas trusts are superior, but again, unless a person has a real need for a trust I can’t recommend that they spend the extra money to get one.

<![CDATA[Preparing for your deposition:  Be Yourself-Be True to Yourself (by Derry Adams)]]>Tue, 11 Jul 2017 22:18:10 GMThttp://www.gaddiskinherd.com/news--blog/preparing-for-your-deposition-be-yourself-be-true-to-yourself-by-derry-adamsDepositions are all about the truth.  It’s your opportunity to say what happened to you and to express yourself.

Go over in your mind’s eye what happened, how you were feeling, exactly what you saw, what you heard, the colors, the smell, how the scene unfolded.  ACT OUT what happened.   This is your opportunity to remember and work through what has happened as a result of your injury.
This doesn’t mean it’s easy.  In fact, it’s hard to get to the inner places and relive difficult events. But this is YOUR Case and YOUR truth—what you need to tell the Jury.
Be honest with yourself and your lawyer.  If your lawyer suggests another version of the events, run for the hills—you need a new lawyer! 

A lawyer may ask probing questions to get you deeper and closer to the truth, but she NEVER changes your story and the essential you.  She might help you find what’s there, but will never change your truth.
Trials are about truth, finding the facts and presenting those to a jury.  A jury will know if you’re not being honest.  You owe it to the Jury and to Yourself to Be Honest and Tell Them What Happened.
And the fact is, these injuries are hard enough.

<![CDATA[Long-Term Effects of “Mild” Traumatic Brain Injuries (mTBIs) (by Tom Herd)]]>Thu, 08 Jun 2017 21:19:04 GMThttp://www.gaddiskinherd.com/news--blog/long-term-effects-of-mild-traumatic-brain-injuries-mtbis-by-tom-herd          Mild” TBIs may cause significant and permanent injuries.  Many studies conclude that 10-20% of persons with mTBIs have long-term or permanent injuries, and some studies report the percentages are significantly higher.
          mTBIs may cause several life-altering symptoms including poor attention and concentration, memory problems/confusion, difficulty with multi-tasking, headaches, fatigue, sleep disturbances, dizziness/vertigo/loss of balance, irritability, depression, anxiety, and seizures.  Other symptoms include nausea, loss of smell (and taste), mood changes, and slowness in thinking.   
          While it’s been known for many years that some persons with mTBIs suffer permanent injuries, more recently two studies have shown that a single mTBI can cause an increased risk of dementia, and brain volume loss changes that correlate to the patients’ symptoms and neuropsychological test results. 
          In the first study (“Increased Risk of Dementia in Patients with Mild Traumatic Brain Injury: A Nationwide Cohort Study”) the authors report that: “The incidence rate of dementia is 1.8 per 1000 person-year in patients with mTBI and 0.3 per 1000 in patient-year in those without.”  In this study the results showed a six times greater risk of dementia in those with a mTBI versus those without.
          In the second study (“Mild Traumatic Brain Injury: Longitudinal Regional Brain Volume Changes”) the authors conclude that one year after mTBI there is measurably greater brain atrophy with mTBI patients compared to patients without mTBI.   
          For patients and loved ones of those with mTBIs, these studies highlight the importance of a thorough medical and neuropsychological workup to understand the long-term implications of brain injuries whose effects may be life-altering.
<![CDATA[Common Law Marriage in Colorado (by Larry Gaddis)]]>Thu, 20 Apr 2017 21:54:20 GMThttp://www.gaddiskinherd.com/news--blog/common-law-marriage-in-colorado
       Colorado has long recognized the existence of common law marriage. Allegedly it started back in the territorial days when access to ministers and judicial officers was not readily available. Some people believe that common law marriage is mere cohabitation or living together. In today’s world that is a fairly frequent occurrence but does not in and of itself give rise to a valid common law marriage. Consistently, the courts have held that to have a valid common law marriage there must be the intent to be married by both parties. The courts recognize that that intent can be shown either by words or by conduct. Conduct that could be considered includes the maintenance of joint banking and credit accounts, purchase of property in joint ownership, use of the man’s surname by the woman, use of the man’s surname by children born to the parties, and the filing of joint tax returns, among others. The final requirement is that the parties hold themselves out as husband and wife, and that their families, friends, and others who know them understand that they are married.

      Creating of a valid common law marriage results in the existence of a valid marriage under Colorado law and hence is valid throughout the nation. A problem arises because while Colorado recognizes common law marriage it does not recognize common law divorce. Once a valid common law marriage has been established then it may only be terminated by death of one of the parties or by divorce through a court.

<![CDATA[What is Estate Planning? (by Larry Gaddis)]]>Wed, 22 Feb 2017 17:21:47 GMThttp://www.gaddiskinherd.com/news--blog/what-is-estate-planningEstate Planning is the process of planning what a person wants to happen if they are incapacitated or upon their death.  It can be fairly simple or it can be extremely complex depending on the needs of the client and the type and amount of assets involved.  For most people it is to assure their spouse and children are taken care of.
What is usually involved in a typical Estate Plan?
The typical estate plan will usually consist of a will, possibly a trust, General Durable Power of Attorney, Health Care Power of Attorney and Living Will.  There are some other miscellaneous documents that are sometimes involved such as HIPPA release, Organ Donation Form and Disposal of Last Remains. 
What is a will?  
A will is a written document that sets forth a person’s wishes as to what they want to happen with their assets after their death.  It should also contain the name or names of who will act as the Executor, or as we now call them Personal Representative.  This is the person who is in charge of carrying out your wishes. It also would typically name the person or persons you want to be Guardian for your minor children and if you have minor children it would also typically name a Trustee to handle their financial affairs until they reach whatever age you think is appropriate.
What does the typical Personal Representative or Executor do?
Their job is to collect the assets, pay the bills, file any tax returns that are required and then turn the remaining assets over to whoever is entitled to them.