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Category: Estate Planning

Estate Planning

Estate Tax Exemption Doubled—Permanently: What This Means for You and Your Family

Estate Tax Exemption Doubled—Permanently: What This Means for You and Your Family

Back in 2018, I began telling folks the doubled estate tax exemption under the 2017 Tax Cuts and Jobs Act (TCJA) wasn’t going anywhere. Despite all the hand-wringing over the scheduled 2026 sunset, I remained confident that Congress would find a way to preserve the higher threshold. Now it’s official. Starting January 1, 2026, the federal estate, gift, and generation-skipping transfer (GST) tax exemptions will be permanently set at $15 million per individual. That’s double the previous baseline and a…

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Overriding a Living Will via a Medical Power of Attorney

Overriding a Living Will via a Medical Power of Attorney

In Colorado, a Medical Power of Attorney (MPOA) grants an agent the authority to make healthcare decisions on behalf of the principal. Unlike a Living Will, which provides specific instructions regarding life-sustaining treatment, an MPOA allows an appointed agent to make decisions in real time based on the principal’s medical condition and available treatments. Under Colorado law, an MPOA agent has the ability to override the instructions outlined in a Living Will. While this flexibility can be beneficial, it also…

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Understanding Powers of Appointment in Estate Planning

Understanding Powers of Appointment in Estate Planning

A power of appointment adds a layer of adaptability to your estate plan. It allows you to name someone who can later decide how to allocate specific assets, offering both flexibility and responsiveness to changing family dynamics or tax considerations. This can be especially helpful in blended families or when future circumstances are hard to predict.

Homeowners Insurance and Beneficiary Deeds

Homeowners Insurance and Beneficiary Deeds

In Colorado beneficiary deeds, allow homeowners to pass their property to a named beneficiary upon their death. This will happen without the property going through probate. A 2021 case highlights an important issue, however. It comes from the Eighth Circuit Court of Appeals, Strope-Robinson v. State Farm. Does homeowners insurance remain in effect after the owner’s death? The Strope-Robinson Case In this case, Dawn Strope-Robinson inherited a house in Minnesota from her uncle, David Strope, through a beneficiary deed. At…

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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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