Monthly Archives: December 2014

December 22, 2014

Updates on UFADAA

by Morgan Wiener

The Uniform Fiduciary Access to Digital Assets Act (“UFADAA”) is the Uniform Law Commission’s answer to the relatively new issues caused by the proliferation of digital assets (online bank accounts, social media accounts, computer hard drives, email, online photos, etc). UFADAA provides solutions to questions involving how fiduciaries can gain access to digital assets, what access fiduciaries may have to digital assets, and what fiduciaries may properly do with digital assets.

UFADAA is a new uniform act, it was adopted in its final form by the Uniform Law Commission in July 2014. Delaware is the only state that has adopted UFADAA so far, and the act will be effective in that state on January 1, 2015. Florida has also introduced legislation to adopt UFADAA.

In Colorado, the Trust & Estate Section of the Colorado Bar Association has been considering UFADAA and revisions to UFADAA so that it will better conform to existing laws and work with this state’s current framework for governing fiduciaries, trusts, and estates. Just this past week, the Statutory Revisions Committee of the Trust & Estate Section approved its final comments and proposed revisions to UFADAA. You can view the version of UFADAA approved by the Statutory Revisions Committee here. Although there are still a number of steps that must be taken before any version of UFADAA is enacted in Colorado, this is certainly a step in the right direction!

December 8, 2014

Revenue Procedure 2014-61

by Rebecca Klock Schroer

It is important for those involved with estate planning, administration and litigation to know the status of the gift/estate tax exclusion amounts for 2015.

Revenue Procedure 2014-61 was recently released and it provides the following:

  • The unified credit against estate tax under § 2010 will increase to $5,430,000, up from $5,340,000 in 2014 (total increase of $90,000).
  • The exclusion from gift tax on a gift to a non-US citizen spouse will increase from $145,000 in 2014 to $147,000 in 2015.
  • The annual gift tax exclusion amount remains unchanged at $14,000 for 2015.

Click here for Rev. Proc. 2014-61, which contains all of the adjustments for 2015.