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Author: PMiller

Beyond the Board: A Nonprofits Other Governing Bodies

Beyond the Board: A Nonprofits Other Governing Bodies

Nonprofits are structured differently from for-profit entities, and their governance often reflects a broader mission-oriented approach. While the Board of Directors is typically the primary governing body, responsible for guiding and overseeing the organization, nonprofits can benefit from additional layers of management and governance. These supplemental bodies can enhance oversight, offer specialized expertise, and strengthen the nonprofit’s operations. Here are several key governing and managing bodies that nonprofits might establish beyond their Board of Directors. 1. Advisory Board Unlike the…

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Federal Estate Tax Exemption Here To Stay

Federal Estate Tax Exemption Here To Stay

Since the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, estate planning professionals and families alike have been watching the federal estate tax exemption closely. Many speculate whether the doubled exemption introduced by the TCJA, set to sunset in 2025, will revert to pre-2018 levels or be extended. Here’s my take, and it’s one I’ve held since 2018: the 2017 federal estate tax exemption isn’t going anywhere. I’m willing to bet it’s extended or made permanent. Why…

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Common Law Marriage: Probate & Estate Solutions

Common Law Marriage: Probate & Estate Solutions

In Colorado, common law marriage presents unique opportunities and challenges, particularly when one partner dies without a will (intestate). Common law marriage can affect inheritance rights, but proving such a marriage posthumously can be complex. Understanding Colorado’s common law marriage requirements, along with potential complications in probate and possible alternatives, can offer clarity for those considering or involved in these relationships. Requirements for Common Law Marriage in Colorado Unlike most states, Colorado recognizes common law marriage without a formal ceremony…

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Trusts: Testamentary or Revocable Living?

Trusts: Testamentary or Revocable Living?

When planning your estate, selecting the right type of trust is essential for fulfilling your wishes distributing your assets according to your desires. Two common types of trusts are testamentary trusts and revocable living trusts. While both serve the purpose of managing and distributing assets, they have distinct differences in terms of creation, administration, and functionality. Understanding these differences can help you make an informed decision best suiting your estate planning needs. Testamentary Trusts A testamentary trust is created within…

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The Risks of Letting Courts Close Inactive Estates

The Risks of Letting Courts Close Inactive Estates

Colo. Rev. Stat. § 15-12-1009 allows for the closure of estates that have been inactive for three years or more without further accounting. Although this may seem like a convenient way to close an estate, since it requires no action from the personal representative or an attorney, it can lead to significant issues. To illustrate, here’s a closer look at this statute, especially section (3), and its potential pitfalls. Overview of the Statute Colo. Rev. Stat. § 15-12-1009 permits courts…

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