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.
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…
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…
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…
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…