Latest Blog Post/Relevant News Updates
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.
Steps to Freeze Credit after a Death
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...
How to Ensure that Your Healthcare Power of Attorney is Armed With Sufficient Information to Follow Your Wishes
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...
The Importance of the Estate Planning Checkup
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...
Covid-19 Checklist for Parents
How to Own Your Real Estate
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...
Thirteen Estate Planning Terms You Need to Know
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...
Preparing for Coronavirus: The #1 Legal Document Every Adult Needs to Have
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...
Three Things to Do Before your Kids Go Off to College – especially in light of Covid: Have them prepare a Healthcare Power of Attorney, Financial Power of Attorney, HIPAA Authorization
1. Healthcare Power of Attorney Every year, roughly a quarter of a million young adults between the ages of 18-25 wind up in the hospital. From alcohol poisoning and car accidents to unexpected illnesses. Due to the Covid-19 virus, this year is expected to be far...
New Retirement Law (The SECURE Act) and Special Needs Planning
In January 2020, a new law went into effect, known as the Setting Every Community Up for Retirement Enhancement (SECURE) Act, that fundamentally changes the distribution and taxation requirements for beneficiaries of retirement accounts. Families with special needs...
Covid Assistance Resource List
https://leonardlawplanning.com/wp-content/uploads/2020/04/Covid-19-Assistance-Basic-Needs-Resource-List.odt
Small Business Loans
The Coronavirus AID, Relief, and Economic Security (CARES) Act was signed into law Friday, March 27. Part of the $2.2 trillion package includes forgivable loans for small businesses. Click here – for information on loan eligibility prepared by the US Chamber of...
Temporary Authorization for Remote Notarization of Documents
The Colorado Secretary of State has temporarily revised Notary Rule 5 to permit remote notarization for the duration of the state of emergency issued by Governor Polis. The amended Rule 5 is available...
Tax Income Deadlines
Colorado Gov. Jared Polis extended the income tax payment deadlines for all Colorado taxpayers until July 15, 2020. Interest from the due date of the payment until July 15, 2020 is waived. This is in-line with the federal tax payment deadlines and policies. This...
Golden Covid-19 Economic Assistance
Learn more here...https://www.guidinggolden.com/helping-golden
Final Cares Act
More to report. The Senate has reached unanimous consent on a much-needed Stimulus Package. The House is set to take up the bill today. Some highlights of the final Cares Act: Stimulus Checks $1,200 per adult ($2,400 for a married couple). $500 for each dependent...
Reminders Regarding Funding
Confirm/Correct Beneficiary Designations I know this is a crazy and scary time, so for those of you with Wills and Trusts, now is the time to confirm that your beneficiary designations are consistent with your estate plan. Trust Funding For those of you with trusts,...
Divorce
How does divorce effect a current will or trust and powers of attorney? In the State of Colorado, a final divorce decree automatically revokes the designation of the ex-spouse as a beneficiary or fiduciary in a will, trust, life insurance policy, retirement account,...
Common Estate Planning Myths
Estate planning can be a very difficult process. While it’s not brain surgery, making the decision to move forward with the planning requires us to face the fact that we will not live forever. This thought can stop many people right in their tracks. Others talk...
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