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Updates for fiduciaries from the IRS and Colorado

June 24, 2015/in Administration Expenses, Administration of Estate, Administration of Trust, Legislation, Personal Representative, Trustee

by Kelly Cooper

The IRS has stated that it will not issue closing letters for federal estate tax returns filed on or after June 1, 2015, unless one is requested by the taxpayer. The information provided by the IRS states that the taxpayer should wait at least four months after filing the return to request a closing letter. A closing letter indicates that the estate’s federal estate tax liabilities have been paid. While a closing letter is not a formal closing agreement, many fiduciaries wish to have a closing letter from the IRS before making final distributions and closing estates. For returns filed prior to June 1, 2015, please refer to the following document for guidance as to when a closing letter will be issued:

Frequently Asked Questions on Estate Taxes

Certain statutes in the Colorado Probate Code are subject to cost of living adjustments each year. The numbers for 2010-2015 can viewed here:

Cost of Living Adjustment of Certain Dollar Amounts for Property of Estates in Probate

Trust & Estate Litigation Practice

Holland & Hart has one of the premiere trust and estate litigation practices in the Mountain West Region. We offer legal services in the areas of probate, trust, and fiduciary litigation, and provide customized solutions to fiduciaries with the intent of avoiding future litigation. Our team represents trustees, financial institutions, trust companies, beneficiaries, creditors, agents under powers of attorney, and individuals in probate, trust, and fiduciary disputes. As part of a full-service law firm, we can also provide streamlined coordination with attorneys in other related disciplines to provide maximum efficiency and effectiveness. Click here to read more.

Disclaimer

This publication is designed to provide general information on pertinent legal topics. The statements made are provided for educational purposes only. They do not constitute legal or financial advice nor do they necessarily reflect the views of Holland & Hart LLP or any of its attorneys other than the author. This publication is not intended to create an attorney-client relationship between you and Holland & Hart LLP. Substantive changes in the law subsequent to the date of this publication might affect the analysis or commentary. Similarly, the analysis may differ depending on the jurisdiction or circumstances. If you have specific questions as to the application of the law to your activities, you should seek the advice of your legal counsel.