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Legacy Defined: Estate Planning, Probate & Trust Administration

At the Osterman Law Firm, we specialize in safeguarding the futures of families and individuals in Denver and throughout Colorado. With over four decades of dedicated legal expertise, we stand as your steadfast partners in Estate Planning and Probate & Trust Administration.

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Legacy Defined: Estate Planning, Probate & Trust Administration

We specialize in safeguarding the futures of families and individuals throughout Denver and Colorado.

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Legacy Defined: Estate, Trust, Probate

WHAT WE DO

Navigating Your Legal Path with Clarity and Expertise

Four decades of focused, award-winning legal excellence.

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Estate Planning

Secure your legacy and protect your loved ones with comprehensive estate planning. We tailor every aspect to suit your needs and honor your wishes.


Trust Administration

Enable an efficient and private transfer of wealth without the need for court intervention. We guide trustees as they collect assets, pay final expenses, and make distributions, ensuring your wishes are executed. 


Probate

Navigate the complexities of probate with our seasoned guidance. We can help you fulfill your loved one's intentions properly, without unnecessary time and expense.


At the Osterman Law Firm, personalized attention is a cornerstone of our service. Our team is dedicated to guiding you through the complexities of estate planning, offering insights and advice to address issues now and in the future. Understanding that each estate plan is inherently personal, we utilize a wide range of legal tools to customize your plan, making it as unique as the individuals and families we serve.

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TESTIMONIAL

“Dave conveys a warmth and interest in his clients that surpassed our expectations.”

-

Ginny F.

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Recent News.

10 Jul, 2024
Estate planning is a critical aspect of financial and personal planning that often gets overlooked until it's too late. At the Osterman Law Firm, we understand the profound impact that a well-crafted estate plan can have on your legacy and the protection of your loved ones. This blog will delve into the importance of estate planning, the key components involved, and how our expertise can help you navigate this essential process. Why Estate Planning Matters  Estate planning is not just for the wealthy; it is a crucial step for anyone who wants to ensure their assets are distributed according to their wishes and to minimize the potential for disputes among heirs. It provides peace of mind, knowing that your loved ones will be taken care of and that your legacy will be honored. Key Components of an Estate Plan Wills and Trusts Wills: A will is a legal document that outlines how you want your assets distributed after your death. It also allows you to designate guardians for minor children and specify your final wishes. Trusts: Trusts can offer greater control over your assets and provide benefits such as avoiding probate, reducing estate taxes, and protecting assets from creditors. Powers of Attorney Financial Power of Attorney: This document designates someone to manage your financial affairs if you become incapacitated. Medical Power of Attorney: This allows you to appoint someone to make healthcare decisions on your behalf if you are unable to do so. Advance Healthcare Directives Also known as living wills, these documents specify your wishes regarding medical treatment and end-of-life care. Beneficiary Designations Ensuring your beneficiary designations on accounts such as life insurance, retirement accounts, and bank accounts are up-to-date and aligned with your overall estate plan. The Role of an Estate Planning Attorney An experienced estate planning attorney, like those at Osterman Law Firm, can help you navigate the complexities of estate planning, ensuring that all legal requirements are met and that your plan reflects your unique circumstances and goals. We offer personalized strategies that align with your family dynamics and aspirations. Common Estate Planning Mistakes to Avoid Procrastination One of the biggest mistakes is delaying estate planning. Life is unpredictable, and having a plan in place is crucial. Failing to Update Your Plan Regularly review and update your estate plan to reflect changes in your life, such as marriage, divorce, the birth of a child, or significant financial changes. Overlooking Tax Implications Estate and gift taxes can significantly impact the value of your estate. Proper planning can help minimize these taxes and preserve more of your assets for your heirs. The Benefits of Working with Osterman Law Firm At Osterman Law Firm, we pride ourselves on delivering individualized, effective, and practical estate planning solutions. Our decades of experience and commitment to building long-lasting relationships ensure that we understand and address your concerns and objectives. As a proud founding member of the WealthCounsel network of estate planning attorneys, we stay at the forefront of legal developments and best practices. Estate planning is a vital step in securing your future and protecting your loved ones. By working with the experienced attorneys at Osterman Law Firm, you can ensure that your legacy is honored and your family's well-being is safeguarded. Contact us today to start the conversation and take the first step towards comprehensive estate planning.
12 Jun, 2024
Blended families face unique challenges when it comes to estate planning. Ensuring that all family members are provided for and that your wishes are honored can be complex. At Osterman Law Firm, we specialize in helping blended families create estate plans that address their unique circumstances and goals. This blog will explore the key considerations and strategies for effective estate planning in blended families. Understanding the Unique Needs of Blended Families Blended families, which may include children from previous relationships, stepchildren, and new spouses, require careful planning to ensure that all members are treated fairly and that potential conflicts are minimized. Without a well-crafted estate plan, blended families can face legal disputes and unintended consequences. Key Considerations for Blended Families Communication Open and honest communication with all family members about your estate planning goals can help prevent misunderstandings and conflicts. Fairness vs. Equality Decide whether your goal is to treat all children equally or to address each individual's needs and circumstances fairly. This decision will guide many aspects of your estate plan. Protecting Your Spouse Ensure that your spouse is provided for without unintentionally disinheriting your children from a previous relationship. Guardianship for Minor Children Clearly designate guardians for minor children, considering both biological and stepchildren. Strategies for Effective Estate Planning in Blended Families Wills and Trusts A well-drafted will is essential, but trusts can provide additional flexibility and control, particularly for blended families. Consider using revocable living trusts, testamentary trusts, or irrevocable trusts to manage the distribution of assets. Marital Agreements Prenuptial or postnuptial agreements can help clarify property rights and financial expectations, reducing potential conflicts. Beneficiary Designations Regularly review and update beneficiary designations on life insurance policies, retirement accounts, and other assets to ensure they reflect your current wishes. Life Insurance Life insurance can be an effective tool for providing for your spouse or children from a previous relationship without altering your other estate plans. This can ensure that each party receives the intended benefits without depleting other assets. QTIP Trusts (Qualified Terminable Interest Property Trusts) QTIP trusts allow you to provide for your surviving spouse while preserving the remainder of the trust assets for your children from a previous relationship. This ensures that your spouse is taken care of during their lifetime, but the remaining assets will ultimately go to your designated beneficiaries. Joint Ownership and Beneficiary Deeds Carefully consider how assets are titled and use beneficiary deeds to avoid probate and ensure that assets are distributed according to your wishes. Joint ownership can also be a way to pass assets directly to your spouse or children, but it must be handled carefully to avoid unintended consequences. Avoiding Common Pitfalls Failing to Update Your Estate Plan Blended families often face changing dynamics. It’s crucial to regularly review and update your estate plan to reflect changes in relationships, births, deaths, and financial circumstances. Overlooking Stepchildren If you want to include stepchildren in your estate plan, explicitly name them in your documents. Stepchildren do not automatically inherit from stepparents unless specifically included. Ignoring Potential Conflicts Anticipate potential conflicts and address them in your estate plan. Clear, detailed instructions and open communication can help mitigate disputes. Neglecting Long-Term Care Planning Consider the potential need for long-term care and how it will be financed. Long-term care insurance or setting aside specific assets for this purpose can protect your estate and provide for your spouse and children. The Role of Osterman Law Firm in Blended Family Estate Planning At Osterman Law Firm, we understand the complexities and emotional nuances of estate planning for blended families. Our approach is to provide personalized, compassionate guidance tailored to your family’s unique needs. Here’s how we can assist you: Comprehensive Consultation We begin with an in-depth consultation to understand your family dynamics, financial situation, and estate planning goals. Customized Estate Plans Based on our assessment, we craft a comprehensive estate plan that addresses your specific needs, incorporating wills, trusts, and other legal instruments to ensure your wishes are honored. Ongoing Support Estate planning is not a one-time event. We offer ongoing support and periodic reviews to ensure your plan remains up-to-date with changes in your family and financial circumstances. Mediation and Conflict Resolution If potential conflicts arise, we offer mediation services to help resolve disputes and maintain family harmony. Case Study: The Smith-Jones Family To illustrate the importance and effectiveness of tailored estate planning for blended families, let’s look at a hypothetical case study: The Situation John Smith and Mary Jones, both previously married, have a blended family that includes John’s two children from his first marriage and Mary’s one child from her previous relationship. John and Mary also have one child together. John has significant assets he wants to ensure are distributed fairly among all four children, but he also wants to ensure Mary is well taken care of after his death. The Solution John and Mary worked with Osterman Law Firm to create a comprehensive estate plan that included the following components: Revocable Living Trusts: Both John and Mary established revocable living trusts to manage and distribute their assets according to their wishes. QTIP Trust: John set up a QTIP trust to provide for Mary during her lifetime, with the remainder going to his children from his first marriage. Life Insurance: John purchased a life insurance policy naming his child with Mary as the beneficiary to ensure this child received a specific benefit. Updated Wills: John and Mary updated their wills to reflect their current wishes and included specific provisions for all children. Beneficiary Designations: They reviewed and updated beneficiary designations on retirement accounts and other assets to align with their estate plan. The Outcome When John passed away, the estate plan worked as intended, providing for Mary and ensuring that all four children received their designated inheritances without conflict or legal challenges. Estate planning for blended families requires careful consideration and expert guidance to navigate the complexities and ensure that all family members are provided for according to your wishes. At Osterman Law Firm, we are dedicated to helping you create a comprehensive and effective estate plan tailored to your unique circumstances. Contact us today to schedule a consultation and take the first step toward securing your family’s future and honoring your legacy. 
15 May, 2024
Trusts are powerful tools in estate planning that can provide numerous benefits, including asset protection, tax savings, and the ability to manage and distribute assets according to your wishes. At Osterman Law Firm, we specialize in creating tailored trust solutions that meet your unique needs and objectives. This blog will explore the different types of trusts, their benefits, and how they can be an integral part of your estate plan. What is a Trust? A trust is a legal arrangement where one party (the trustee) holds and manages assets on behalf of another party (the beneficiary). Trusts can be used for various purposes, including managing assets during your lifetime and distributing them after your death. Types of Trusts Revocable Living Trusts These trusts can be altered or revoked by the grantor during their lifetime. They provide flexibility and can help avoid probate, making the transition of assets smoother and more private. Irrevocable Trusts Once established, these trusts cannot be changed or revoked. They offer significant tax benefits and asset protection, as the assets placed in the trust are no longer considered part of the grantor's estate. Testamentary Trusts These trusts are created through a will and take effect after the grantor's death. They can be used to manage assets for beneficiaries, such as minor children, over a specified period. Special Needs Trusts Designed to provide for beneficiaries with disabilities without affecting their eligibility for government benefits. Charitable Trusts These trusts allow you to support charitable organizations while also providing tax benefits and potentially generating income for your beneficiaries. Benefits of Trusts Avoiding Probate Assets placed in a trust do not go through probate, which can save time, reduce costs, and maintain privacy. Asset Protection Trusts can protect your assets from creditors, lawsuits, and potential mismanagement by beneficiaries. Tax Planning Certain trusts can help reduce estate and gift taxes, preserving more of your wealth for your heirs. Control and Flexibility Trusts allow you to specify how and when your assets are distributed, ensuring your wishes are followed. Creating a Trust with Osterman Law Firm At Osterman Law Firm, we take the time to understand your unique situation and goals, crafting trust solutions that align with your needs. Our process includes: Consultation and Assessment We begin with a thorough consultation to understand your financial situation, family dynamics, and objectives. Trust Design and Drafting Based on our assessment, we design and draft a trust that meets your specific needs and complies with all legal requirements. Asset Transfer We assist with the transfer of assets into the trust, ensuring all documentation is properly executed. Ongoing Support Our relationship doesn't end once the trust is created. We provide ongoing support to help you manage the trust and make any necessary adjustments as your circumstances change. Common Questions About Trusts Do I still control my assets in a revocable living trust? Yes, as the grantor, you retain control over the assets and can modify or revoke the trust at any time. Can a trust help if I become incapacitated? Yes, a revocable living trust can provide for the management of your assets if you become incapacitated, ensuring your financial affairs are handled according to your wishes. Are trusts only for the wealthy? No, trusts can benefit individuals and families of all financial backgrounds by providing control, protection, and efficiency in managing and distributing assets. Trusts are versatile and valuable tools in estate planning, offering numerous benefits for asset protection, tax savings, and ensuring your wishes are carried out. At Osterman Law Firm, we are dedicated to helping you navigate the complexities of trusts and create solutions that align with your goals. Contact us today to learn more about how we can assist you in incorporating trusts into your comprehensive estate plan.

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4155 E Jewell Ave, Suite 202, Denver, CO 80222, United States of America

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