Latest Blog Post/Relevant News Updates

Dealing with the loss of a loved one is never easy, and managing their estate can feel overwhelming. In some cases, however, probate may not be necessary. Probate is the legal process through which a deceased person’s assets are distributed, but if the deceased's...

When a loved one passes away, one of the first questions that often arises is whether probate is necessary. Probate is the legal process through which a deceased person’s estate is administered, debts are settled, and assets are distributed to beneficiaries. However,...

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...

View a video tutorial on completing the Beneficial Ownership Information (BOI) Report here.

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,...

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...

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 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...

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,...

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...

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...

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...

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...

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

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...

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...

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...

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. ...

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....