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Rebecca Schroer and Margot Edwards Publish Article in Colorado Lawyer on “Selecting a Trust Situs”
/in TrusteeRepublished with permission, originally appeared in the Colorado Lawyer, Vol. 50, No. 9, October 2021.
This article reviews situs considerations, including a trustee’s duty to consider a transfer of situs and options for completing a transfer. Read more
Clients’ Failure to Keep Estate Plans Current Can Sabotage the Entire Estate Plan
/in Estate Planningby Carol Warnick
Estate planners work hard to set up estate and wealth transfer plans that fit a client’s needs and ensure that everything works together for the client. Unfortunately, as the client’s situation changes, they often don’t inform the estate planning attorney so appropriate changes can be made to the estate planning documents.
Common examples are divorce, having additional children, or even a changing relationship with a child or children who may be named as successor trustee. A child could also encounter difficulties in his or her life that change the way the parent may want the assets to go to the child. A change in a child’s life could also change the suitability of that child to act as an agent or a trustee in the parent’s estate plan. Read more
The Disappearing Deduction for Colorado State Income Tax Purposes
/in Taxesby Kami Pomerantz
On June 23, 2021, Governor Polis signed Colorado House Bill 21-1311 into law. The Bill makes significant changes to a number of Colorado state income tax laws. One change of note is an amendment to C.R.S. § 39-22-104. The amendment limits the amount of itemized deductions under Section 63(d) of the Internal Revenue Code that a high-income taxpayer may claim for Colorado state income tax purposes. The law is effective for tax years beginning on January 1, 2022. The limit applies to taxpayers who have a federal adjusted gross income of $400,000 or more in the tax year. For a taxpayer who files a single return, the taxpayer’s itemized deductions are capped at $30,000 for state income tax purposes. For taxpayers who file a joint return, the taxpayers’ itemized deductions are capped at $60,000. This limitation does not apply to taxpayers who take the standard deduction for federal income tax purposes. Read more
Pitfalls of Naming Minors as Beneficiaries
/in Administration of Estate, Administration of Trust, Conservator, Court Procedures, Fiduciary Duties, Guardian, Life Insurance, Testamentary Intent, Will & Trust Constructionby Jody H. Hall
It is natural for clients to want to name their children or grandchildren to receive their assets after their death However, the naming of a beneficiary directly on an account, especially if they are a minor, can derail an otherwise well-thought out estate plan.
Often clients assume that their estate planning is complete once they have signed their Will and Trust. Then either immediately or through various changes in their assets, they name the same persons listed in their estate planning documents as the direct beneficiaries on their accounts. If the designated beneficiary is a minor at the time of the account owner’s death, significant and unintended consequences can, and often do, occur. Read more
Holland & Hart’s Upcoming Tax and Estate Planning Speaking Engagements
/in Estate Planning, TaxesHolland & Hart invites you to join us at two upcoming virtual events with sessions featuring our tax and estate planning attorneys.
On May 26th, Holland & Hart is proud to present our first annual Wyoming Tax Conference. This free conference, held from 9:00 AM to 12:00 PM, will feature Holland & Hart’s experienced and talented tax attorneys discussing a range of topics from Wyoming’s tax structure to a federal tax outlook for the year. During the conference, Rebecca Schroer will present on “Use of Unregulated Wyoming Private Family Trust Companies,” addressing Wyoming’s continual rise in popularity as a trust situs. View the full agenda and register online to hear updates on important federal and state tax developments.
Following the Tax Conference, Holland & Hart is honored to sponsor the 41st Annual Estate Planning Retreat. Join us on June 11th and 12th to hear from a faculty of experienced attorneys, professionals, and judicial officers who will speak about the latest updates, key legislation, and best practices in trust and estate law. Rebecca’s session on “Foundations: Introducing Evidence” will be given along with two co-presenters. The panel will review the process for laying a foundation and discuss evidentiary issues that often arise in probate litigation. You can register and view more details online, and make sure to use the code EPR21PLATINUM to receive a discount on your registration.
Holland & Hart is grateful to have the opportunity to engage with our community and to provide education and resources through events and speaking opportunities. Check our online events page to stay up to date on all upcoming Holland & Hart events.
Discounted Assets and Funding Challenges in Estate Administration
/in Administration of Estate, Administration of Trust, Estate Planning, Fiduciary Discretion, Personal Representative, Trusteeby Kami Pomerantz
Estate of Miriam M. Warne, T.C. Memo 2021-17 (February 18, 2021) (“Warne”), a recent Tax Court case, illustrates a potential mismatch between the value of an asset for estate tax purposes and the value of the asset for purposes of the marital or charitable deduction from estate tax. This mismatch can lead to a phantom loss of estate value for purposes of such deductions and cause an inadvertent estate tax surprise. Although this mismatch can be avoided, it requires those drafting specific gifts and administering an estate to choose assets carefully when making bequests and funding decisions.
Read more