According to a new CNBC article, 17 percent of divorced or widowed people marry again, citing the U.S. Census Bureau. Interestingly, the remarriage rate has increased only among people 55 and older.Of course, a Coloradan entering a second or subsequent marriage may be...
More Than 20 Years Of Serving Colorado Families And Businesses In Times Of Need
Estate Administration & Probate
How to update digital profiles after a death
The LinkedIn update arrived with a work anniversary. It said to congratulate a connection on his 12th year with the State Department. The only thing was that he had passed away in 2009.No one had notified LinkedIn. This leads to the important topic of social media and...
Collecting the debt for a creditor from a Colorado estate
When a person passes away, he or she usually leaves behind not only assets, but also valid debts and liabilities. At our law firm, we sometimes represent creditors trying to collect debts that survive the deaths of the deceased people who became liable for those debts...
When are estate and trust administration expenses deductible?
Prior to the 2017 Tax Cuts And Jobs Act (TCJA) these administrative expenses generally fell into the miscellaneous itemized deduction bucket. The TCJA suspended miscellaneous deductions until Jan. 1, 2026. This had created uncertainty about whether an estate, a...
Gift and estate tax planning for wealthy Colorado taxpayers
At our law firm, we provide estate planning advice and services to Colorado clients at all levels of wealth, but for those at upper tax brackets, it is important to evaluate if and how federal gift and estate taxes could impact choices to make lifetime gifts as well...
Part 2: What does a Colorado personal representative really do?
Today we will talk about what a Colorado personal representative does to administer the estate he or she has been appointed to handle. Last week, we talked about the fiduciary duties of a personal representative, including duties of loyalty, care and impartiality...
3 reasons you might challenge a will
According to a recent CNBC report, estate taxes are surprisingly not the biggest threat to estate plans – families are. The reasons for this follow familiar patterns of human conflict: miscommunication, unrealistic expectations and a history of family drama. Even so,...
Life insurance beneficiaries and divorce
For those getting a divorce, a beneficiary designation on a life insurance policy is not usually top of mind. And for that reason, states including Colorado, have passed laws that an ex-spouse beneficiary does not receive life insurance proceeds after a divorce unless...
What do you need to include in a final estate accounting?
With any Colorado estate that requires probate court review, a final accounting summarizes receipts and payments during the estate administration process and remaining assets to disburse to heirs. The Colorado Judicial Branch provides standard forms that can help with...
Lifetime giving: Annual gift exclusion increase in 2018
Giving strategies are as varied as the family. And while lifetime giving has tax advantages, it is often about more than tax planning.For many parents and grandparents, lifetime giving is an opportunity to help adult children with a down payment on a first home or to...