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Remotely Located Witnesses on Wills and Other Estate Planning Documents
/in Administration of Estate, Administration of Trust, Court Procedures, Estate Planning, Powers of Attorney, Uncategorizedby Jody H. Hall
A few weeks ago, I shared an overview of remote notarizations in Colorado. The Governor’s executive order suspending the requirement for a notary public to be physically present with the signer, along with the emergency notary rules surrounding a notarization via real-time audio-video communication issued by the Colorado Secretary of State, have given practitioners the ability to help their clients execute estate planning documents in a safer environment during the pandemic, and for the future. However, while the ability to notarize documents remotely has proven helpful, estate planners were still faced with the particular challenge involving the execution of documents that require witnesses, and how to execute a fully signed, notarized and witnessed original Will.
Earlier this year, the Colorado Supreme Court promulgated Rules 91 and 92 of the Colorado Probate Rules allowing for the remote witnessing of certain specified documents. See here. These rules were effective immediately and are in effect during any period of a public health crisis declared in Colorado requiring physical and social distancing. Rule 91 details the procedure for remote witnessing of certain non-testamentary documents, including living wills, anatomical gifts and medical powers of attorney. Rule 92 allows for remote witnesses on last wills and testaments.
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Preparing for Potential Tax Reform – Consider Wealth Transfer Planning in 2020
/in Administration of Estate, Administration of Trust, Taxesby Kami Pomerantz
Current planning environment. While 2020 has been challenging in many ways, it has also provided favorable conditions for tax and wealth transfer planning. The U.S. is experiencing historically low interest rates, some assets have low valuations due to economic volatility, and current tax laws are favorable for wealth transfer planning transactions. These factors combine to allow individuals to transfer assets out of their taxable estates at a reduced transfer tax cost.
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Colorado to Make Remote Notarization Authorization Permanent
/in Administration of Estate, Administration of Trustby Jody H. Hall
In one of the many responses necessary to continue crucial business and legal services at the onset of the current pandemic, Colorado notaries became authorized to perform remote notarizations under Governor Polis’s Executive Order D 2020 019 dated March 27, 2020. That authorization has now been made permanent by SB 20-096 which was signed into law on June 26, 2020. The bill will codify the current temporary rules for remote notarization until December 31, 2020. The bill will then take effect on December 31, 2020, along with permanent rules. Read more
Will Normal Advanced Directives be Sufficient for COVID-19?
/in Estate Planning, Powers of Attorneyby Carol Warnick
While we deal with an unprecedented global pandemic which alters life as we know it for all of us, COVID-19 brings up concerns regarding our clients’ Advanced Directives that were prepared and signed during “normal” times.
When thinking about being in a terminal or a persistent vegetative state, a client may have filled out a form with a prohibition against “excessive” medical treatments, such as being intubated using breathing machines, respirators, or ventilators. If that same client contracts COVID-19, intubation may be a life-saving treatment and one that the client would want to have available to him or her.
Read moreTax and Estate Planning Perspectives
/in Estate Planning, Legislation, Powers of Attorney, Taxesby Kami A. Pomerantz
From a tax and estate planning perspective, we would like to make you aware of the following:
Tax Filing Extensions:
The IRS has extended the filing and payment deadline for all 2019 income tax returns to July 15, 2020. This means that no penalty or interest will be assessed for an individual’s failure to file or pay income taxes, regardless of amount, until after July 15, 2020.
Read more2020 Cost of Living Adjustment of Certain Dollar Amounts Under Colorado Probate Code
/in Administration Expenses, Administration of Estate, Court Procedures, Legislation, Personal Representativeby Jody Hall, Paralegal
The 2020 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, supplemental elective-share, exempt property, lump sum exempt family allowance, installment amount exempt family allowance and collection of personal property by affidavit.
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