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 dies, usually in another state, but leaves Colorado real estate or personal property that he or she owned within Colorado.
When it comes to windfalls of any kind, Uncle Sam usually has his hand out. But there are ways for Colorado residents to limit the taxes that heirs have to pay on any legacies they receive.
Nobody likes to dwell on their own mortality, but some issues need to be addressed before health declines or the mind begins to fail. Some of those issues affecting Colorado residents of any age include planning for the distribution of assets after death.
Imagine a situation in which a loved one was living in an assisted-living facility in Denver toward the end of his life. Your loved one became very attached to a specific caregiver during this time. Realizing this, the caregiver decided to take advantage of your loved one by suggesting that she be included in your loved one's will. Not realizing that he is being taken advantage of, your loved one makes the changes to his will. Unfortunately, you and your family don't find out about the changes until after your loved one has passed away.