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

I'm the Taxman, Yeah, I'm the Taxman

Beth McCann, the Denver District Attorney, recently sent out this Consumer Advisory called: I'm the Taxman, Yeah, I'm the Taxman 

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Elusive Assets After Death

Aubrey McClendon, a co-founder of Chesapeak Energy Corp. and a pioneer in the shale industry, died on March 2, 2016. Mr. McClendon had significant assets yet his estate appears to be insolvent. Creditor claims filed to date exceed $1.1 billion. Mr. McClendon’s business holdings were complex and the estate has had a hard time selling assets.

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Leggo My Eggo -or- Who Gets My Gametes When I Die?

Among the many wonders (and occasional terrors) of modern medicine, few strike more of an emotional chord than advances in reproductive technology. Preserving our genetic material for use after death has passed from science fiction to scientific fact; but the law remains unestablished in Colorado as to what happens if there is a dispute about ownership of frozen sperm, ova, or embryos after the death of one or both of the donors.

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Don’t Defer Planning Your Estate Because The Estate Tax Might Be Repealed

In 2001, when the estate tax exemption was $675,000 and George W. Bush was President, Congress “repealed” the estate tax. But the repeal was phased in over ten years and was then scheduled to last for only one year. Instead of actual repeal, what we got, under President Obama, was a reinstated estate tax with a much higher exemption of $5 million, indexed for inflation. The Republican party now controls both houses of Congress as well as the White House, and we are again hearing calls for repeal of the estate tax.

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Timeline for Preparing and Updating Wills and Trusts

The law allows a person to sign binding contracts including Wills at age 18, the age when young adults should begin to plan to avoid financial and medical complications in the event of debilitating illness, injury or death.  Wills, Medical and Financial Powers of Attorney, and Advanced Directives are the basic documents that every person should have in place.

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