Cannabis business owners have unique assets that can't just be inherited by anyone.
Estate planning is the process of developing a plan that ensures that the assets you have worked so hard to accumulate during your lifetime are protected at death and distributed as you choose. Without proper planning, documents in place, the state will develop that plan for you, and it may not distribute your assets the way you would wish.
Since inheritance laws are governed by state law, Cannabis and Cannabis business ownership can be inherited through the probate process. However - as with all aspects of Cannabis in Colorado - these assets are highly regulated and require special treatment from the rest of your estate. I utilize my experience and knowledge in both estate planning and cannabis law to craft estate plans for my clients so their assets are protected and distributed as they choose, and within the laws and regulations governing those Cannabis assets.
Having an estate plan is a good idea for everyone, regardless of age, family, or health condition. An effective estate plan addresses issues such as receiving proper medical treatment, probate avoidance techniques, leaving money to charities that do important work, and transferring ownership of your assets to the beneficiaries of your choice.
For most individuals and families, my Estate Planning Packages can accomplish your goals.
Laws regarding inheritances vary by state. I am well-versed in both Colorado and Florida inheritance laws and can provide comprehensive estate plans for clients living in either state.
ESTATE PLANNING DOCUMENTS FOR YOU AND YOUR FAMILY
Comprehensive estate plans that accomplish your goals may include a combination of the following documents:
Advanced health care directives (also known as "Living Wills")
Durable powers of attorney
Medical powers of attorney (or designation of healthcare surrogate)
Wills and testamentary trusts
Revocable and irrevocable trusts
Parent or Guardian Delegation of Powers
Appointment/Designation of Pre-Need Guardian
Disposition of Last Remains
Remember, since state laws vary, the availability of the above documents depend on
whether you reside in Colorado or Florida.
Although there are many resources available online for people to create their own estate planning documents, this is a complex area of law. Contact my firm to schedule a consultation so we can discuss which documents are available to you and which will best serve your needs. Also, if you've created your own estate planning documents and want an experienced attorney to review them and let you know if they will accomplish what you your goals, I am happy to provide that service as well.