We regularly represent and advise people who have been appointed by the court to be personal representatives responsible for the administration of estates of people who have died. One scenario in this context arises when someone who is not domiciled here in Colorado...
More Than 20 Years Of Serving Colorado Families And Businesses In Times Of Need
Month: June 2017
Part III: Transferring property to a trust
In our series on trust basics, we have talked about formation documents as well as the different types of trusts and their purposes. Once you have completed all the up-front work and have a trust, you must fund it. Tied in with funding a trust may be the need to...
Portability & Estate Tax: What it is and why it’s important?
Colorado does not levy a state tax on your estate and the federal estate tax exemption is currently $5.49 million per individual in 2017, so why consider filing an estate tax return? Portability. This provision in the tax code allows for the transfer of any unused...
Part II. Types of trusts: What’s in a name?
The names of various trusts may sound like another language. Others may make you feel like you are lost in acronym soup, CRT, ILIT or a TSNT. Even the length of the trust instrument itself can vary based on your needs. One beneficiary might mean it is simple and...
Trust formation basics: Part I
Some of the misperceptions about trusts are that they are too burdensome or expensive. In many situations they provide a cost-effective vehicle to plan for the needs of a surviving spouse and smoothly transfer assets to the next generation. How do you determine...
Dual income, no kids: 3 Estate plan essentials
Families have changed since the 1950s when the dream included a stay-at-home spouse and two or three children. Fast forward to 2017 and more variety exists in the shape and size of an ideal family. For more couples with a focus on dual careers, fertility issues or...