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2021 Cost of Living Adjustment of Certain Dollar Amounts Under Colorado Probate Code
/in Administration Expenses, Administration of Estate, Court Procedures, Legislation, Personal Representativeby Jody H. Hall
The 2021 cost of living adjustments of certain dollar amounts under the Colorado Probate Code has been published by the Colorado Department of Revenue. Probate practitioners should be aware of the change in figures related to the intestate share of a decedent’s surviving spouse and supplemental elective-share. The amounts for exempt property, lump sum exempt family allowance, installment amount exempt family allowance and collection of personal property by affidavit remain unchanged from 2020. Read more
Utilizing a Power of Appointment Committee in WINGS
/in Estate Planning, Legislationby Carol Warnick
As previewed in my blog post of January 25, 2021, Wyoming laws provide an opportunity to utilize a Wyoming Incomplete Gift, Non-Grantor Trust (“WING”) to potentially avoid state income tax on the sale of assets. My previous post outlined the basic rules that must be followed for the WING to work properly, and in this blog post I want to focus on the distributions by committee in a WING.
The Distribution Committee must have at least two members other than the grantor and his or her spouse who are “adverse.” An “adverse” party is defined in the Internal Revenue Code[1] and Treasury Regulations as someone who has a substantial beneficial interest in the trust which would be adversely affected by the exercise or non-exercise of the power possessed. The other beneficiaries of the trust fit the description of adverse parties and are typically the other members. Read more
Using a WING to Avoid State Income Tax on a Sale of Assets
/in Estate Planningby Carol Warnick
One strategy for a client who wants to avoid state income tax on a sale of assets is to utilize a WING, a Wyoming Incomplete Gift, Non-Grantor trust (“WING”). Certain other states allow ING trusts, but this blog post refers specifically to the ING trust in Wyoming, or the WING. It is a self-settled irrevocable trust that is designed, as the name suggests, for the assets gifted to the trust to be an incomplete gift for transfer tax purposes. Read more
Update on Colorado Remote Notary Law
/in Administration of Estate, Administration of Trust, Court Procedures, Estate Planning, Powers of Attorneyby Jody H. Hall
Remote notary law became effective in Colorado on December 31, 2020 thanks to Colorado SB20-96. Many of us spent much of 2020 performing remote notarizations under the temporary authorization and rules suspending the in-person requirement for notarizations. Approved Colorado Remote Notaries can now confidently provide remote notarizations as a service to our clients going forward.
Colorado remote notary law requires the use of real time audio-video communication so that the notary and signer(s) can simultaneously participate and witness the notarial act in real time. Documents executed via remote notary technology will be signed electronically by both the notary and remotely located individual in separate locations. Read more
Options for Transferring Vehicle Titles – Before or After the Owner’s Death
/in Administration of Estate, Court Procedures, Estate Planning, Fiduciary Duties, Personal Representativeby Jody H. Hall
Navigating the DMV can make anyone skittish, but in the specialized area of trusts and estates, it makes people downright nervous. In addition, the Colorado DMV generally requires their own forms for transfers before or after death. As with all other assets, the name or names on the actual vehicle title is going to control how we need to dispose of or transfer that vehicle when needed. Below are a few forms specific to the unique needs of trust and estate practitioners and their clients and links for your convenience. Read more
Utah Uniform Electronic Wills Act Set for Approval
/in Estate Planning, Testamentary Intent, Will & Trust Constructionby Peter K. Smyth
Although the COVID-19 pandemic has changed many aspects of our lives, one thing that has not changed is the importance of estate planning. Creative, in-person signing ceremonies have emerged to ensure that plans are validly executed, including witnessing from opposite ends of a large conference table, witnessing signings through windows, and signing from six feet away, stepping back six feet while witnesses sign with their own pens, and retrieving documents only after witnesses have, in turn, stepped back six feet.
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