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Tag: Colorado

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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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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Legal Tips for Landlords

Legal Tips for Landlords

Being a landlord comes with its share of responsibilities and risks. Protecting yourself legally can save you from potential disputes, financial losses, and significant stress. Here are key strategies to help safeguard your interests as a landlord: 1. Screen Tenants Thoroughly The first line of defense is ensuring you rent to responsible tenants. Conducting thorough background checks is essential. This includes: 2. Use a Comprehensive Lease Agreement A well-crafted lease agreement is your primary tool for protecting your rights. Your…

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How Marital Agreements Can Enhance Your Estate Plan

How Marital Agreements Can Enhance Your Estate Plan

When it comes to estate planning, couples often overlook the valuable role that marital agreements (or postnuptial agreements) can play. While traditionally associated with marital finances, postnuptial agreements can be powerful tools for couples looking to secure their legacy and protect their assets for future generations. Marital Agreement Estate Planning Strategies Marital Agreements Conclusion All in all, these types of agreements offer significant benefits for couples looking to enhance their estate planning strategy. By addressing financial, inheritance, and other important…

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Understanding Testamentary Trusts: A Guide for Parents

Understanding Testamentary Trusts: A Guide for Parents

Testamentary trusts also known as contingent trusts are powerful tools in estate planning. This type of trusts offers individuals the ability to maintain control over their assets after their passing. Often overlooked or misunderstood, testamentary trusts provide a means to distribute assets according to specific wishes, and protect beneficiaries. Most often this type of trust is used by families with minor children or young adults. What are Testamentary Trusts (a.k.a. Contingent Trusts) ? A testamentary trust (or contingent trust) is…

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