2022 Cost of Living Adjustment of Certain Dollar Amounts Under Colorado Probate Code

/in , , , ,

by Jody Hall, Paralegal

The 2022 cost of living adjustments of certain dollar amounts under the Colorado Probate Code has been published by the Colorado Department of Revenue. Probate practitioners should be aware of the change in figures related to the intestate share of a decedent’s surviving spouse and supplemental elective-share. The amounts for exempt property, lump sum exempt family allowance, installment amount exempt family allowance and collection of personal property by affidavit have been adjusted upwards from 2021 as well. Read more

Pitfalls of Naming Minors as Beneficiaries

/in , , , , , , , ,

by Jody H. Hall

It is natural for clients to want to name their children or grandchildren to receive their assets after their death  However, the naming of a beneficiary directly on an account, especially if they are a minor, can derail an otherwise well-thought out estate plan.

Often clients assume that their estate planning is complete once they have signed their Will and Trust.  Then either immediately or through various changes in their assets, they name the same persons listed in their estate planning documents as the direct beneficiaries on their accounts.  If the designated beneficiary is a minor at the time of the account owner’s death, significant and unintended consequences can, and often do, occur. Read more

Discounted Assets and Funding Challenges in Estate Administration

/in , , , , ,

by Kami Pomerantz

Estate of Miriam M. Warne, T.C. Memo 2021-17 (February 18, 2021)  (“Warne”), a recent Tax Court case, illustrates a potential mismatch between the value of an asset for estate tax purposes and the value of the asset for purposes of the marital or charitable deduction from estate tax.  This mismatch can lead to a phantom loss of estate value for purposes of such deductions and cause an inadvertent estate tax surprise.  Although this mismatch can be avoided, it requires those drafting specific gifts and administering an estate to choose assets carefully when making bequests and funding decisions.

Read more

2021 Cost of Living Adjustment of Certain Dollar Amounts Under Colorado Probate Code

/in , , , ,

by Jody H. Hall

The 2021 cost of living adjustments of certain dollar amounts under the Colorado Probate Code has been published by the Colorado Department of Revenue.  Probate practitioners should be aware of the change in figures related to the intestate share of a decedent’s surviving spouse and supplemental elective-share.  The amounts for exempt property, lump sum exempt family allowance, installment amount exempt family allowance and collection of personal property by affidavit remain unchanged from 2020. Read more

Update on Colorado Remote Notary Law

/in , , , ,

by Jody H. Hall

Remote notary law became effective in Colorado on December 31, 2020 thanks to Colorado SB20-96.  Many of us spent much of 2020 performing remote notarizations under the temporary authorization and rules suspending the in-person requirement for notarizations.  Approved Colorado Remote Notaries can now confidently provide remote notarizations as a service to our clients going forward.

Colorado remote notary law requires the use of real time audio-video communication so that the notary and signer(s) can simultaneously participate and witness the notarial act in real time.  Documents executed via remote notary technology will be signed electronically by both the notary and remotely located individual in separate locations. Read more

Options for Transferring Vehicle Titles – Before or After the Owner’s Death

/in , , , ,

by Jody H. Hall

Navigating the DMV can make anyone skittish, but in the specialized area of trusts and estates, it makes people downright nervous.  In addition, the Colorado DMV generally requires their own forms for transfers before or after death.  As with all other assets, the name or names on the actual vehicle title is going to control how we need to dispose of or transfer that vehicle when needed.  Below are a few forms specific to the unique needs of trust and estate practitioners and their clients and links for your convenience. Read more

Remotely Located Witnesses on Wills and Other Estate Planning Documents

/in , , , , ,

by Jody H. Hall

A few weeks ago, I shared an overview of remote notarizations in Colorado.  The Governor’s executive order suspending the requirement for a notary public to be physically present with the signer, along with the emergency notary rules surrounding a notarization via real-time audio-video communication issued by the Colorado Secretary of State, have given practitioners the ability to help their clients execute estate planning documents in a safer environment during the pandemic, and for the future.  However, while the ability to notarize documents remotely has proven helpful, estate planners were still faced with the particular challenge involving the execution of documents that require witnesses, and how to execute a fully signed, notarized and witnessed original Will.

Earlier this year, the Colorado Supreme Court promulgated Rules 91 and 92 of the Colorado Probate Rules allowing for the remote witnessing of certain specified documents.  See here.  These rules were effective immediately and are in effect during any period of a public health crisis declared in Colorado requiring physical and social distancing.  Rule 91 details the procedure for remote witnessing of certain non-testamentary documents, including living wills, anatomical gifts and medical powers of attorney.  Rule 92 allows for remote witnesses on last wills and testaments.

Read more

Preparing for Potential Tax Reform – Consider Wealth Transfer Planning in 2020

/in , ,

by Kami Pomerantz

Current planning environment. While 2020 has been challenging in many ways, it has also provided favorable conditions for tax and wealth transfer planning. The U.S. is experiencing historically low interest rates, some assets have low valuations due to economic volatility, and current tax laws are favorable for wealth transfer planning transactions. These factors combine to allow individuals to transfer assets out of their taxable estates at a reduced transfer tax cost.

Read more

Colorado to Make Remote Notarization Authorization Permanent

/in ,

by Jody H. Hall

In one of the many responses necessary to continue crucial business and legal services at the onset of the current pandemic, Colorado notaries became authorized to perform remote notarizations under Governor Polis’s Executive Order D 2020 019 dated March 27, 2020.  That authorization has now been made permanent by SB 20-096 which was signed into law on June 26, 2020.  The bill will codify the current temporary rules for remote notarization until December 31, 2020.  The bill will then take effect on December 31, 2020, along with permanent rules. Read more

2020 Cost of Living Adjustment of Certain Dollar Amounts Under Colorado Probate Code

/in , , , ,

by Jody Hall, Paralegal

The 2020 cost of living adjustments of certain dollar amounts under the Colorado Probate Code has been published by the Colorado Department of Revenue.  Probate practitioners should 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, installment amount exempt family allowance and collection of personal property by affidavit.

Read more