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2018 Cost of Living Adjustment of Certain Dollar Amounts Under Colorado Probate Code
/in Administration of Estate, Legislation, Personal Representativeby Suzanne Coffman
The 2018 cost of living adjustment list of certain dollar amounts under the Colorado Probate Code has been published by the Colorado Department of Revenue. It is important for probate practitioners to be aware of these numbers as they relate 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 affidavit. Read more
Is the Statute of Limitations Really Running?
/in Administration of Trust, Fiduciary Duties, Fiduciary Litigation, Trusteeby Matthew Skotak
The concept of a statute of limitations is easy to understand: a lawsuit has to be commenced within so many years after the complained of act occurred or pursuit of the lawsuit may be forever barred. Where it gets tricky are the exceptions to this rule. For example, if the wrongdoer concealed the wrongful act or the wrongful act occurred in some way that made it highly unlikely that the aggrieved person would know about it, then the statute of limitations should not start running until the injured person knows or through reasonable diligence should have known about the wrongful act. This “tolling” of the statute of limitations is typically referred to as the discovery rule: the statute of limitations doesn’t start running until a plaintiff knew or reasonably should have known of the alleged wrongful act.
Not all states apply the discovery rule, and not all states apply it to every cause of action. However, many jurisdictions apply the discovery rule to fiduciary related actions. As an example, the equitable discovery rule was applied in Utah to a lawsuit regarding a trust. Read more
When Beneficiaries are Not Heirs
/in Administration of Estate, Administration of Trust, Estate Planning, Fiduciary Litigation, Testamentary Intent, Will & Trust Constructionby Jody H. Hall, Paralegal
The terms Beneficiary and Heir both refer to someone who receives an inheritance after someone passes away. However, while the terms are often used interchangeably, they do not always refer to the same individual or set of individuals. Heirs can be beneficiaries but beneficiaries are not always heirs.
In our practice, we often see issues arising when these 2 sets are not identical or are different than the expectations of the parties. Read more
Planning Opportunities Under the New Tax Cuts and Jobs Act
/in Administration Expenses, Administration of Estate, Estate Planning, Legislation, TaxesBy Chelsea May
In December, President Trump signed into law what is commonly referred to as the Tax Cuts and Jobs Act. This legislation, which is mostly effective as of January 1, 2018, is the first major reform to the federal tax code since 1986 and affects almost every individual and business taxpayers in some way or another. For individuals, the top tax rate has temporarily dropped from 39.6% to 37% and the standard deduction has nearly doubled. Personal exemptions are repealed and the mortgage interest deduction is limited to interest on a mortgage of $750,000 or less per married couple. The AGI limitation for deductions of cash donations to public charities increased from 50% to 60% and the deduction for alimony payments was repealed (for divorces or separations executed after December 31, 2018). Corporate tax rates have dropped from a 35% top rate to a permanent 21% flat rate, a 20% deduction is now available for certain pass through entity income and the corporate AMT has been repealed.
The new tax act also increased the federal estate and gift tax exemption amount. Specifically, for lifetime gifts and the estates of any decedents passing between January 1, 2018 and December 31, 2025, the estate tax and GST tax exemption amounts were increased to $10 million per person, adjusted for inflation occurring after 2011 (expected to be about $11.2 million for 2018). The marginal transfer tax rate remains at 40%. Read more
Generative Trusts and Trustees: A New Paradigm For Trust Design and Administration
/in Administration of Trust, Fiduciary Discretion, Testamentary Intent, Trustee, Will & Trust ConstructionNote: From time to time we invite guest bloggers to share their thoughts on our blog. The following is a guest blog authored by John A. Warnick, the founder of the Purposeful Planning Institute.
by John A. Warnick, Esq.
I have been concerned about the emotional and relational impact of trusts since I had a “professionally jarring” encounter in 2001 with a beneficiary of an irrevocable trust established by her grandfather. The dependency, disempowerment and entitlement I witnessed led me to ask “Is there a better way?”
The Generative Trust and the Generative Trustee are part of that better way.
I’m convinced there is a better way to think about the purpose and meaning of trusts which still honors the legal roles and responsibilities but lifts the influence of the trust to the point it becomes a generative (positive) influence in the lives of beneficiaries. Read more
Happy New Year!
/in Uncategorized