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After careful review of the COVID-19 environment, the law firm of Chayet & Danzo, LLC, will be conducting in-person appointments in our offices on a limited basis and with strict social distancing protocols.

During this time, our team will continue to diligently work remotely on all client matters and will maintain communication through email, telephone, and video conferencing. Our main office number, (303) 355-8500 will continue to be answered during our normal business hours of 8:00 a.m. to 5 p.m. Monday – Thursday and 8:00 a.m. to 4:00 p.m. on Fridays.

This decision to have limited appointments in-office while following strict social distancing protocols is in the best interest and health of our team, clients and community.

We will continue accepting new clients during this period as well as fully servicing our existing clients.

We wish you and your family continued health during these unique and challenging times.

Compassion, talent and dedication:
guiding colorado families and Their Trusted Advisors During Times of Need

Estate planning for same-sex couples in Colorado

| Jun 12, 2015 | Powers Of Attorney |

This month, the Supreme Court will issue a landmark decision on the legality of same-sex marriage. Surprisingly, a Boulder city clerk issued the first same-sex marriage in 1975. A PBS documentary called “Limited Partnership” recounts the couple’s story and a strange twist that the federal judge who ruled on the legitimacy of their marriage for immigration purposes was Anthony Kennedy – now the swing vote on the nation’s highest court.

Even with that first marriage license issued in 1975, same-sex marriage did not become legal in Colorado until last October. How did this affect estate planning? More protections are available. Marriage is a major life event and after tying the knot, it is important for LGBT couples to speak with an attorney to create a comprehensive estate plan.

Four key protections that marriage offers

For legally married LGBT couples, some of the major changes include:

  • Marital deduction – The Internal Revenue Service used to treat a same-sex couple as two single people, but now same-sex married individuals can give assets to their spouse without paying gift tax
  • Portability clause – This allows a legally married LGBT couple to transfer any unused portion of the estate-tax exclusion (currently $5.34 million) to a surviving spouse. For example, if Carrie died and used $2 million of her exclusion, Allison could port the remaining $3.34 million to pass assets to heirs tax free.
  • Gift splitting – A legally married same sex couple can now combine their yearly tax free gift allowance ($14,000) to give $28,000 without writing separate checks.
  • Retirement accounts rollover rights – LGBT spouses now receive equal protection to rollover an IRA after the loss of a spouse.

Even with these changes, it is important to have the right estate planning documents in place. This might include a will and trust as well as a living will, financial power of attorney and advance medical directives.

Source: Forbes, “Estate Planning Advice For LGBT Couples,” Holly Hanson, June 10, 2015


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