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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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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.

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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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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Maximizing Your Estate Plan: Understanding Beneficiary Designations

Maximizing Your Estate Plan: Understanding Beneficiary Designations

Planning for your estate involves more than just creating a will; it also entails making strategic decisions about how to protect and distribute your assets. One important aspect of estate planning is designating beneficiaries for your retirement, insurance, and other financial accounts. While it might seem like a straightforward task, overlooking or misunderstanding beneficiary designations can lead to unintended consequences and potential financial hardships for your loved ones. In this blog post, we’ll delve into the importance of beneficiary designations…

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