Latest Blog Post/Relevant News Updates

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....

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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.

If you are reading this, you have suffered a loss and have our condolences at LeonardLaw. After the death of a family member, credit and identity theft is likely not top of mind. However, this is a growing problem and it’s important to provide a death notice to credit...

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...

After arranging your accounts and property with an attorney, it is easy to assume that you have checked estate planning off of your list forever. The reality is not so simple. Not only do tax laws frequently change, but so does your life. The smallest change could...

Real estate encompasses not only one’s primary residence but also other real estate such as a vacation home or a rental property. The ideal form of ownership varies depending on the type of real estate you own. Below, we take a look at the different types of real...

Estate planning—it is an incredibly important tool, not just for the uber wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do. Estate planning can help you accomplish any number of goals, including appointing...

As the coronavirus continues to disrupt daily life and leave Americans uncertain of the future, you don’t have to feel helpless during this pandemic. In fact, now is a great time to be proactive and plan ahead should you or a loved one fall ill. One of the most...