Colorado Probate Blog - Wade Ash Woods Hill & Farley, P.C.

President’s Budget Includes Changes Affecting Estate Plan

The President released his budget on April 10, 2013. While this does not mean these provisions will become law, they could be part of a tax reform package later this year. Some of the changes include: (1) a $3 million cap on IRAs and retirement plan; (2) Inherited IRAs would have to be paid out in 5 years instead of over the beneficiary’s life expectancy; (3) Generation-skipping transfer tax exemption applicable to trusts would expire after 90 years; (4) Grantor retained annuity trusts would have a minimum term of 10 years; and (5) coordination between the value of an asset reported on the U.S. Estate Tax Return and the beneficiary’s reported basis on a sale.
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Despite Willa Cather's Restrictive Will, her Personal Letters Will be Published

Since her death in 1947, author Willa Cather’s personal letters have been off limits per a provision in her Will which prohibited the publication of her personal letters. Her last individual executor died in 2011, which resulted in her copyrights passing to the Willa Cather Trust, the University of Nebraska Foundation and the Willa Cather Foundation, which quickly dropped the prohibition of Ms. Cather’s letters, as well as the restriction concerning the ban on film adaptions of Ms. Cather’s works. As a result, The Selected Letters of Willa Cather will be published this month and will contain 566 of the almost 3,000 letters which are known to have survived Ms. Cather. Go to the link for the New York Times article about this - O Revelations! Letters, Once Banned, Flesh Out Willa Cather
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Civil Unions Become Law in Colorado

On March 21, 2013, Governor John Hickenlooper signed the Colorado Civil Union Act into law, which will become effective as of May 1, 2013. A civil union may be entered into by any two adults (regardless of gender), and will function as the legal Colorado equivalent of marriage. Couples wishing to enter into a civil union must go to their local clerk and recorder and file a license, and the officiant then files a civil union certificate to verify the union. Please note that a civil union will supercede any recorded beneficiary designation.

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2013 Probate Numbers Indexed for Inflation

The 2013 numbers have been posted by the Colorado Department of Revenue: Small Estate Affidavit is $63,000; Exempt Property is $31,000; Family Allowance is $31,000; Elective Share supplemental amount is $52,000.
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The Charitable IRA Rollover is back for 2012 and 2013!

The American Taxpayer Relief Act of 2012 (ATRA) enacted January 2, 2013, extended the IRA charitable rollover rules which were originally put in place in 2006, and expired at the end of 2011. This provision allows individuals who are 70 ½ or older to transfer (or "rollover") up to $100,000 per year from their IRAs to most charities if the transfer is a "qualified charitable distribution" and certain rules are followed. Not only can taxpayers use the charitable rollover for 2013 distributions, but distributions from IRAs made after November 20, 2012 and before January 31, 2013 may be treated as a charitable IRA rollover for 2012, if that distribution is made in cash to charity before January 31, 2013. Thus, you could give up to $200,000 to charity from your IRA in 2013 (with $100,000 treated as given in 2012) if you act quickly. Contact us or your IRA plan administrator to learn more.
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