When parents die, their adult children not only must deal with their grief, but also tend to the practicalities of arranging their funerals and handling matters of their estates. Some Denver residents may be shocked to learn that one or both parents died heavily indebted.
Too many people put off the task of estate planning out of fear of confronting their own mortality or simply because they are too busy with life's day to day activities. But doing so is short-sighted in the long run and can only cause problems for your loved ones when you have passed on.
In 2011, Congress introduced a tentative tax planning device that eventually became a permanent part of the tax code due to an act passed in 2012. Dubbed "portability" by tax agents, the new law could provide for some big tax savings if correctly implemented in an estate plan.