Latest Blog Post/Relevant News Updates
529 Savings Plans: Avoiding Probate by Naming a Successor Participant
Most 529 plans do not allow joint ownership, meaning only one person can be the account owner, even if the owner is married. So what happens if the account owner dies? The distressing answer is that the account would be tied up in probate unless a successor...
A Video Tutorial on Completing the Beneficial Owner Information Report
View a video tutorial on completing the Beneficial Ownership Information (BOI) Report here.
Who must file a Beneficial Ownership Information Report?
A Beneficial Ownership Information Report (BOIR) Must be Filed by the End of 2024 by Most Small Business. Failure to Comply Could Result in Substantial Penalties. See if this applies to you. Following the enactment of the Corporate Transparency Act (CTA) in 2024,...
Understanding ILITs: Irrevocable Life Insurance Trusts
A Strategy to Protect Your Assets When planning for the future, ensuring your loved ones are taken care of is paramount. One aspect of estate planning that often goes overlooked is the impact of life insurance policies on estate taxes. Many individuals are unaware...
What can be done with a Facebook account when someone passes away
When someone passes away, Facebook offers options for managing their account. Here's an overview of Facebook's policies and procedures for handling accounts of deceased users: Memorialization: Facebook allows accounts to be memorialized after the user passes away....
New Choices for Disposition in Colorado
New Choices for Disposition in Colorado The typical Disposition of Final Remains form in Colorado includes as the primary item, the choice for the declarant to have their body either buried, cremated, entombed or “other.” And while burial, cremation or entombment...
How does a Domestic Asset Protection Trust work?
A Domestic Asset Protection Trust (DAPT) is designed to protect assets in the event a person is sued or files for bankruptcy. 11 states have statutes authorizing the use of DAPTs: Alaska, Delaware, Hawaii, Michigan, Mississippi, Missouri, Nevada, New Hampshire, Ohio,...
IRS Issues Proposed Regulations Addressing Required Minimum Distributions for Inherited Retirement Accounts
Required Minimum Distributions, 26 C.F.R. Parts 1 and 54 (2022) On February 24, 2022, the IRS issued proposed regulations addressing required minimum distributions (RMDs) from retirement plans, providing additional clarity on some points, but raising questions...
What Every Healthcare Power of Attorney Needs to Know
Consider using this checklist as a starting point for thinking about what you would want your designated health care agent to know if they need to act to make decisions on your behalf. This is an evolving conversation and you are encouraged to discuss this...
Why an Estate Plan and Disability Plan is Critical for a Single Person Without Children
A good estate plan should be about so much more than your “estate.” For a single person, a good estate plan includes careful instructions as to who should make decisions regarding your assets and well-being if you become incapacitated. With the right documents—durable...
Why Estate Planning is a Must for Blended Families
Blended families face unique estate planning challenges. If you and your spouse have children from prior relationships, each of you may have different plans for your respective care if either of you becomes incapacitated or how you want your assets to be used to...
Colorado End-of-Life Options Act
The Colorado End-of-Life Options Act (PDF file) authorizes medical aid in dying and allows a terminally ill adult to end his or her life in a peaceful manner. The patient must meet several requirements, including: A prognosis of six months or less Mental capacity to...
The 3 Reasons You Should Have an Irrevocable Trust
Irrevocable Trusts are an invaluable tool, but only appropriate in limited circumstances. For more information, see https://www.kiplinger.com/retirement/estate-planning/601127/the-only-3-reasons-you-should-have-an-irrevocable-trust
Changing Trust Terms after death: IRREVOCABLE TRUSTS – no longer set in stone.
After the death of a person who created a revocable living trust, the trust is referred to as “irrevocable”, meaning that the trust terms cannot be changed. This held true until the adoption of the Colorado Uniform Trust Code (CUTC) effective January 2019. Since...
Why Your Parent Needs a POA
A power of attorney (POA) is an important element of planning for your elderly parent’s future. It allows another person to take care of your parent’s affairs, ensuring bills get paid and medical decisions can be made in the unfortunate circumstance that your elderly...
Proposed Changes to Irrevocable Life Insurance Trusts, Family Limited Partnerships and More
This article contains a high-level overview of the House Committee Proposal for the Build Back Better bill that impacts the use of Irrevocable Life Insurance Trusts, other Grantor Trusts, and Family Limited Partnerships. Please see my earlier blog on the impact of...
Proposed 50% Reduction in the Gift and Estate Exemption, Effective Jan. 2022
If you are single and your estate exceeds $6,030,000 or you are a married couple and your combined estate exceeds $12,000,000 this affects you. This article contains a high-level overview of the House Committee Proposal that impacts the estate and gift tax exemption. ...
Proposed Tax Law Changes and Their Impact on Estate Planning
As of this writing, Democrats in Congress are negotiating the so-called Build Back Better bill. Utilizing their bare majority, Senate Democrats hope to pass the legislation via the reconciliation process, relying solely on the votes of the fifty Democratic senators....
Senate Lays Groundwork for Fall Health Care Negotiations Before Recessing This Month
Click here to read.
Capital Gains and Gifting: Where Are We Now and Where Are We Going?
Gifting – where are we now and where are we headed
With the current high federal estate tax exemption, the focus has been on how to strategically and effectively reduce capital gains tax liability. Although these strategies may eventually need to change given new proposals by the Biden administration, there are several important rules regarding capital gains taxes that currently apply to gifts made during a client’s life or at death that will be explained here.
““Frieda made the process of estate planning feel personal, while still maintaining a professional environment. She is extremely knowledgeable. She answered all of my questions and raised points I had not considered, without making me feel overwhelmed. I can’t recommend her highly enough.””
Continue reading this and further testimonials