Tax Certainty for Civil Unions in Colorado

by Kelly Cooper

Couples in a civil union that are permitted to file federal income tax returns jointly can now file their Colorado income tax returns jointly as well.

Governor Hickenlooper signed the bill into law last Thursday (February 27, 2014).  It requires couples in a civil union to file their Colorado taxes using the same filing status used on their federal tax return.  The intent of the legislation is to align Colorado with updated federal tax law that permits joint filing for married same sex couples.

The new law will apply to tax years beginning on January 1, 2013 and any other income tax years that are still open under Section 39-21-107 or 39-21-108, C.R.S.

2014 Cost of Living Adjustment of Certain Dollar Amounts Under Colorado Probate Code

by Peter J. O'Brien

At the beginning of every year, the Colorado Department of Revenue publishes a  list of cost of living adjustments for certain dollar amounts under the Colorado Probate Code.  It is important for probate practitioners to be aware of the change in figures related to the intestate share of a decedent's surviving spouse, supplemental elective-share, exempt property, lump sum exempt family allowance and collection of personal property by affidavit.

The 2014 figures are as follows:

Statute

Description

2014 Amount

C.R.S. § 15-11-102(2)

Intestate share of decedent's surviving spouse if no descendant of the decedent survives the decedent, but a parent of the decedent survives the decedent

$320,000, plus fractional share pursuant to statute

C.R.S. § 15-11-102(3)

Intestate share of decedent's surviving spouse if all of the decedent’s surviving descendants are also descendants of the surviving spouse and the surviving spouse has one or more surviving descendants who are not descendants of the decedent

$240,000, plus fractional share pursuant to statute

C.R.S. § 15-11-102(4)

Intestate share of decedent's surviving spouse if one or more of the decedent’s surviving descendants are not descendants of the surviving spouse

$160,000, plus fractional share pursuant to statute

C.R.S. § 15-11-201

Supplemental elective-share amount

$53,000

C.R.S. § 15-11-403

Exempt property

$32,000

C.R.S. § 15-11-405

Lump sum exempt family allowance

$32,000

C.R.S. § 15-12-1201

Collection of personal property by affidavit

$64,000