Jo Kitto oversees the firm’s estate planninng and asset protection practice. We work with numerous business owners, families and individuals in their asset protection and estate planning requirements, as well as assisting our clients who find themselves appointed as a personal representative or trustee of an estate.
Estate planning is the process whereby an individual develops a plan that ensures that the assets they have worked so hard to accumulate during their lifetime are protected at their death and distributed as they choose. Estate planning in today’s world also involves specifying your wishes as to who makes decisions for you if you are incapacitated, and who makes health care decisions for you in powers of attorney.
Without proper planning, taxes may eat up an estate, your estate may be distributed in a way contrary to your wishes or decisions may be made about your future health care that are contrary to your intentions. Having an estate plan is important for everyone, but is especially important for: high net worth individuals, parties who have business succession issues, parties who have minor children, parties with special needs children, second marriage or second relationship parties, high net worth individuals who need to minimize estate taxes, individuals who have life partners to whom they are not married, individuals with charitable goals for their estate or self-employed individuals.
For business owners, having an estate plan that includes an orderly transfer for ownership for their closely-held or family business is essential. Kitto Law PC’s are experienced in representing business owners and entrepreneurs to ensure that their business agreements as to partnership or shareholder matters are consistent with the estate plans of an individual partner, member of shareholder. If you do not want to do business with the heirs of your business partner should something happen to one of your business partners, such estate planning is a priority.
Additionally, it is more important than ever to specify your own wishes about what you would like done in the event you are disabled, terminally ill, unconscious or incapacitated in a way that makes it difficult or impossible to communicate your health care decisions.
Probate is the process in Colorado whereby one’s will is lodged, or a personal representative (a/k/a executor) is appointed to administer a deceased person’s estate. It can be formal or informal, supervised or not, and can be very simple or more complex. The firm regularly advises parties in such fiduciary roles.
Kitto Law PC offers counsel on your individual goals, and can assist you in drafting documents to accomplish these ends, or working through the probate process.