Colorado Estates, Inheritance Assets & Inheritance LoansMay 25, 2019 7:57 am
If you’re an heir of an estate in probate or trust in Colorado and are urgently looking to get affordable inheritance cash advance funding with a popular inheritance advance or probate advance company – you would be wise to choose your estate advance or inheritance advance funding company carefully…
Probate / Inheritance Funding vs. “inheritance loans” in Colorado
It is definitely worth mentioning that although these transactions are in fact inheritance cash advance assignments… popular labeling used by heirs and attorneys, and inheritance advance companies, in Colorado, includes terminology such as “estate loans“, “inheritance loans” and “probate loans” – when in fact, as far as inheritance funding is concerned… inheritance cash advances or probate cash advances are not actually interest based loans, but are in fact “cash advance assignments” for probate estate heirs and trust beneficiaries.
Many adult heirs in Colorado, who urgently require immediate cash during probate, often prefer to get an advance on inheritance, to “borrow against inheritance” as many heirs call it – directly from their living parent or parents. In Colorado, getting an advance on inheritance from living parents is clearly enjoyable for both parent(s) and grown children. If parental inheritance cash advance funding doesn’t work out before the parents pass away, for whatever reason, heirs in Colorado will then turn to a secondary option – and borrow against inheritance to get inheritance advance funding, an advance inheritance, or probate advance, from a probate cash advance company instead of their parents who are still living. Basically, any of the current mainstream companies, focused on inheritance funding, can provided 48 hour inheritance funding, or 72 hour probate cash advance for heirs – what most heirs or beneficiaries see as the most helpful inheritance funding available, in terms of speed… as compared to the least expensive inheritance funding available… or, frankly, any similar inheritance funding company operating inside the United States or Canada.
How Do You Get Inheritance Funding from Inheritance Lenders in CO?
Even though the probate process in Colorado is relatively slow, there are ways to access inheritance cash in Colorado more quickly. Simple, secure and reliable inheritance advance funding is available to most heirs of estates in probate, typically from an established probate cash advance company that has been furnishing heirs with inheritance money for decades. For example, heirs that receive inheritance money from My Inheritance Cash, are usually funded inside a few days, from start to finish. There are no up-front fees or hidden charges, and no obligation to get an inheritance advance once a simple quote has been received, over the phone or in writing. Moreover, no monthly payments or compounding interest, and no credit report or credit score is required. Instead of waiting a year or two to access fast inheritance money, rapid probate cash, you wait only a day or two with My Inheritance Cash. The different in waiting time is significant.
How Do You Get Approved For a Probate Advance or What Many Heirs Call an “Inheritance Loan” or “Probate Loan” in Colorado?
Paperwork requirements are simple in Colorado. Heirs need a valid Photo I.D., documentation and proof of status as an heir of an estate based in Colorado; plus proof of inheritance assets and/or inherited real estate. Heirs in Colorado are also required to produce specific documentation, with respect to how much they will be receiving as an inheritance, as well as the exact amount requested as an inheritance cash advance (again, what many heirs and probate attorneys refer to as “estate loans”, “inheritance loans” or “probate loans“… despite the fact that what you are actually requesting is, to be technically correct, an inheritance cash advance assignment). Essentially, inheritance money that is likely to appear in your bank account within two or three days, should you request a bank wire, which many heirs do, as a matter of preference.
In Which Colorado Counties Are Inheritance CashAdvances Available?
Inheritance advance funds are available in every county in Colorado. For heirs of Colorado estates, discounted estate cash advances, or probate advances with standard pricing – any level of inheritance cash advance funding – is generally available without a great deal of effort on the part of heirs of estates in probate, or beneficiaries of a trust.
How Do You Know If You Qualify for Inheritance Funding – a Probate Advance or Inheritance Advance from an Inheritance Funding Company?
It is a fairly simple matter, figuring out if you qualify for inheritance advance funding – for an inheritance cash advance, probate advance or an estate advance, in Colorado. In addition to relevant documentation, you must be an heir to an estate in the United States, or Canada, over the age of 18, with an inheritance valued at $12,000 or more. Once you qualify, and actually receive advance inheritance money, you can, as a valid heir to the estate, use probate advance cash or inheritance advance funds as you see fit, in any way you wish.
Typically, the key issue for most heirs in Colorado is what the true value of their inherited real estate might be, plus whether or not they can get approved for inheritance advance funding, based on liquid assets or real property, from a relatively low-cost inheritance cash advance or estate advance company, or even several estate advance companies or inheritance advance companies – bottom line, an inheritance advance service or probate cash advance company that offers affordable rates, as compared to other similar online probate advance services – basically providing advance inheritance funds that would normally be construed as “fast inheritance cash advance funding”, or at least, as fast as possible, given specific estate circumstances. Typically, inheritance advance funding takes no more than a day or two, sometimes as much as three days – so the speed factor is rarely an issue for heirs these days.
Colorado heirs signing a probate advance, inheritance advance or similar inheritance advanced or inheritance funding agreement with an inheritance funding company, are frequently drawn to a probate advance provider such as My Inheritance Cash (MIC), whose customer service is noticeably more cordial than the average inheritance funding company, or inheritance advance company… MIC inheritance cash advances are carefully structured so heirs can easily access inheritance money as quickly as possible, usually within a day or two – or at the most, with a 72 hour probate cash advance, before probate closes, so heirs can use the money as they wish, as quickly as they can make use of the money… Making it possible to hire their own pricey personal estate lawyer, if they feel they need that type of protection; Or to invest in an immediate investment opening, with a limited window of opportunity – or perhaps to cover the cost of essential medical services… Or to pay off severely nagging debts; Or even to resolve something as critical as a foreclosure. There are numerous reasons to apply for advance inheritance money.
Is an Inheritance Cash Advance an “Assignment” or is it an “Inheritance Loan”, “Estate Loan”, or “Probate Loan”? Often a Puzzling Issue for Heirs That Are Investigating Inheritance Funding
An inheritance funding assignment, from an inheritance funding company, is not technically an interest bearing loan, so there is no risk of recourse for non-payment. Heirs, Colorado clients of inheritance cash advance funding funding companies, or inheritance lenders, understand right away that they are not personally responsible for repayment, which heirs obviously like. Generally, heirs refer to inheritance cash advance assignments as “inheritance loans”, “inheritance advance loans”, “probate loans”, “estate loans”, or “probate advance loans”. It is fairly important to understand the difference. Heirs working with inheritance lenders do not actually “borrow against inheritance”; and they do not “get a loan on inheritance.” Inheritance advance companies or probate cash advance companies, don’t technically provide inheritance loans, probate loans or estate loan service to clients. Their probate cash advance service is actually providing non-interest bearing, non-recourse, inheritance cash advance assignments.
Does Colorado Have an Inheritance or Estate Tax?
There is no inheritance tax or estate tax in Colorado, but certain tax issues still need to be addressed when someone passes away, including:
Individual federal/state income tax returns, due the year following the decedent’s passing
Federal estate/trust income tax return, due the year following the decedent’s passing
Federal estate tax return, due nine months after the decedent’s passing, with six-month extensions allowed (so long as they are filed in a timely manner)
At the time of writing, this pertains to individual estates exceeding a gross asset and prior taxable gift value of $11,180,000. An Employer Identification Number (EIN) must be filed with the IRS for the respective Estate.
Dying Testate (With a Will) in Colorado
Most people know who their heirs are, and what they plan to leave to those heirs; whether it be real property, liquid assets, investment accounts, cash, valuables, jewelry, antiques, artwork, and so on. Assembling your will creates the blueprint for this process. Estates of individuals who leave a will are in a sense exempt from many state controlled inheritance laws, since the state is obliged to follow the wishes of the decedent and the decedent’s will.
In Colorado, a will is not considered testate unless it is in written form. Wills can be written by hand, or printed, so long as they are signed by three people – the decedent and two witnesses who saw the decedent sign the will document. Testators must be at least 18 years old for their will to be considered valid.
Dying Intestate (Without a Will) in Colorado
Estates of persons who die without a will, or with one determined to be invalid, are considered testate. In Colorado, Intestate Succession Law is then applied to distribute assets, property, etc appropriately.
Typically, the county/locality court where the decedent owned property will oversee the probate process, whereby a Personal Representative will be named to distribute the Estate and settle any outstanding debts, etc.
In Colorado, property is considered to be either real or personal. Land and any structures on it (such as a house) are considered real property, while vehicles, jewelry, artwork, etc (essentially, any items not considered real property) are personal property.
Inheritance Law and Probate in the State of Colorado
Essentially, probate is designed to protect the distribution of an Estate after the decedent’s passing. In Colorado, Estates are handled as one of the following:
Formal Probate, with the maximum amount of court supervision, often lasting six months or longer. Typically, this is required when a will is unclear, or is expected to be contested.
Informal Probate, when the court exercises less mediation, and the Estate is not expected to be contested.
Small Estate, for Estates valued at or less than $50,000, and with no real property.
Spousal Inheritance Law in Colorado
In Colorado, Estates where the decedent left neither surviving children nor parents, go entirely to the spouse. If all of the decedent’s children were from said spouse, the spouse will receive the first $225,000 of the Estate, plus half of the remainder. If any of the decedent’s children were from a previous relationship, the spouse’s share decreases to $150,000, and half of the remainder of the Estate. If only a spouse and the decedent’s parents survive him/her, the spouse retains the first $300,000 of the Estate, and 3/4 of the remainder of the Estate.
Inheritance Law in Colorado for Persons With Children
When a decedent leaves behind a spouse, and children only from that spouse, the spouse inherits the entire Estate. If the spouse has children from a previous relationship, the spouse inherits the first $225,000 of the Estate and half of the remainder, leaving the other half to the children. If it was the decedent who had children from a previous relationship, the spouse’s share from the initial state drops to $150,000. Where there are children and no spouse, the children inherit the entire Estate.
Grandchildren are not included in intestate inheritance unless their parent (the decedent’s child) pre-deceased the decedent, in which case the grandchild is eligible to receive his parent’s share of the Estate.
In Colorado, children must be biological or legally adopted to retain inheritance rights. Children born in wedlock are assumed to be biological.
Unless there is a legitimate reason for a child to be left out of a will (as contested in court), a child is entitled to his intestate share of an Estate. This includes children conceived before, but born after, the decedent’s death.
Inheritance Law in Colorado For Single Persons With No Children
Colorado inheritance laws are designed to locate a relative who could inherit your property. But should there be no one left to claim it, it will shift into the state’s hands.
Non-Probate Inheritance In Colorado
As in other states, non-probate assets/property are those which do not require Probate, typically because a beneficiary is named. For example,
IRAs, 401Ks, etc (retirement accounts)
Payable/Transferable-on-death bank accounts, joint tenancies, etc
Life insurance claims
Property within a living trust
Notes On Inheritance Law in Colorado
In Colorado, a person must survive the decedent by 120 hours to be an eligible heir.
In Colorado, parents cannot inherit their child’s intestate Estate if (a) a court has terminated parental rights, or (b) the parent’s parental rights could have been terminated at the time of the child’s death (typically due to criminal charges, such as abandonment, neglect, abuse).
In Colorado, half and full-blooded relatives retain the same intestate rights.
In Colorado, citizenship/residency do not disqualify a person’s right as an heir to an intestate Estate.
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Categorised in: State Inheritance and Probate Law
This post was written by Inheritance Loans USA