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About
Kinsey Law
Effective estate planning is about understanding the client’s goals and needs, creating an appropriate strategy to fulfill those needs, and implementing the strategy in a way that protects the assets and is tax effective. Proper estate planning harmonizes the wealth management, asset protection, taxation, and wealth transfer objectives. Eric Kinsey is uniquely equipped to appreciate how these areas must work together because of his educational background and professional experience.
PRACTICES AREAS
Learn more about our practice areas
Protect your Health, Financial, and Burial Wishes During Life
It is important that you have the right people in charge of making your financial and health care decisions for you if you are no longer able to make decisions for yourself. It is also important for the person you appoint to be someone who you trust, who knows your wishes well, and can execute on your desires. The following documents can establish who you want in charge of your financial, medical, and burial decisions in addition to clearly outlining your preferences.
- Medical Durable Power of Attorney – appoint healthcare surrogates who can make health care decisions for you if you are incapacitated and unable to express your medical treatment.
- Advanced Medical Directives – establish your medical wishes ahead of time so that if you develop a terminal illness or are in a persistent vegetative state and can no longer communicate, your wishes are clear to medical professionals and to your appointed medical surrogate.
- HIPAA Authorization – provide family members that you trust with access to confidential health information so that they understand the seriousness of a condition you may be in in the future and can attend doctor’s appointments with you.
- General Durable Power of Attorney – appoint financial agents who can manage your bills, access your funds to support you, and work with financial institutions to manage your investments.
- Disposition of Last Remains – outline your funeral and burial wishes so that you can clearly state your preference for burial, cremation, etc.
Create a Lasting Legacy
The following documents can be used to ensure that the financial stability you worked so hard to create are distributed according to your wishes and when you deem appropriate.
- Asset Tilting and Beneficiary Designations – streamline the distribution of assets on your passing and avoid probate.
- Beneficiary Deeds – transfer real estate assets upon your passing with your desired ownership structure and maintain a step up in cost basis at your passing.
- Wills from Simple to Complex – outline to whom you want probate assets distributed, set conditions on how individuals are to receive those distributions, and clearly outline what valuable items of personal property you want specific persons to receive.
- Testamentary Trusts – establish common or individual trusts within your will for the protection of your minor children in the event of your untimely passing.
- Revocable Living Trusts – use as a vehicle to avoid probate and structure timing of asset distributions, while still maintaining ownership and control over assets held in the trust.
- Conservatorship and Guardianship – appoint the people you know well and trust to take care of your minor or disabled adult child’s financial and personal obligations.
Maintain and Update your Estate Plan
Life brings us and our family many changes including births, adoptions, deaths, marriages, divorces, inheritance, and new wealth from the sale of a business, among many other major events. These are just a few of the major things that happen in our lives that could have a significant impact on our estate plan. If major life events take place, consider reevaluating your estate plan. The following is not by any means an exhaustive list.
- Marriage – assets that you held before you were married, you may now want to update to include your spouse as a beneficiary. Your spouse also has a right to an elective share, or a certain amount of marital property under most state laws.
- Divorce – after divorce someone people make the mistake of leaving their ex-spouse as beneficiary on their banking accounts, insurance policy, or revocable trust beneficiary. In addition, power of attorney documents should be reviewed so that you can setup a new healthcare and financial agent.
- Death – if assets in your estate are titled to someone who is deceased, you should update your beneficiary designation on the assets. Often specific items of property left to a person who is deceased will be said to have adeemed and not carry forward to the deceased person’s issue.
- Birth and Adoption – if you want children in a family to inherit equally and a new child comes into being, you should update any beneficiary designations on assets you hold. Although your will under Colorado law will account for children accidentally omitted, it is a best practice to also update your will to specially include newly adopted or born children to decrease the chance of a will contest.
- Major Increase in Wealth – federal and state estate tax planning, gifting, irrevocable trusts, and charitable gifting strategies may need to be adjusted if you experience a significant increase in wealth.
Fundamentals
- Wills
- Designating Beneficiaries
- Caring for your Minor Children
- Creating Conditional Gifts
- Understanding the Probate Process and will Publicity Health Care Planning
- Medical Power of Attorney
- Advanced Directives
- HIPPA Authorizations
Advanced Planning
- Trusts in General
- Protecting Your Assets from Creditors.
- Maintaining the Privacy of your Assets and how they will be Transferred. Tax Saving Strategies
- Establishing Irrevocable Trusts to Minimize Estate Tax
- Using Revocable Trusts to Maintain Control and Basis Step-Up
Maintaining Your Estate Plan
- Reviewing your Plan’s Tax Efficiency
- Ensuring Your Plan is Structured Around Tax Law Changes
- Adjusting Strategies to reflect significant changes in Your Net Worth evaluating changes in Your Personal Goals
- Adding or Removing Beneficiaries
- Updating a Trustee or Adding a successor trustee
Personal Representation
- Protecting the Goals of Will or Trust
- Enforcing the Trust Agreement to Protect
- Beneficiaries and Honor the Intentions of the Grantor.
- Trustee Guidance and Counsel
- Ensuring you Meet the Legal Requirements of Being a Trustee
- Defending Challenges to Your Trusteeship
Our Approach is Holistic
Asset protection
Taxation
Estate Planning
Wealth Management
Wealth Transfer
About
Eric Kinsey
- Juris Doctorate from the University of Virginia where he completed coursework in estate planning, venture capital, contracts, and real estate.
- Master of Business Administration from the University of Virginia where he studied advanced finance, business operations, and accounting.
- Bachelor of Science in Business with a concentration in Finance from the University of Northern Colorado where he managed an equity and fixed income portfolio.
- Licensed Colorado insurance producer in Life, Accident and Health.
- Certificate of coursework completion from Boston Univeristy’s CFP program.
The following roles have been instrumental
in shaping Eric’s knowledge:
Co-founder of an accounting firm where he worked directly with clients and prepared tax returns.
Assistant Vice President for Wilmington Trust in New York City where he was responsible for providing wealth management services for high-net-worth individuals, families, entrepreneurs, business owners, and foundations and endowments.
Board member of the Bronx Lighthouse Charter School where he sit on the Finance Committee.
Summer Associate in Private Wealth Management at Goldman Sachs.
NYC real estate investor where he is putting together contracts.
Eric also is an attorney who intimately comprehends the language used by wealth
advisors, CPAs, and lawyers. Eric can team up with your existing professionals to make
sure that we are all collectively working to build the best solution for you.