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

Love is Blind---So You Better Wear Glasses

Beth McCann, the Denver District Attorney, recently sent out this Consumer Advisory called: Love is Blind---So You Better Wear Glasses

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Value of Michael Jackson’s Image

When Michael Jackson died, his estate valued his image and “right of publicity” at zero on his U.S. Estate Tax Return, as well as the value of his music interests due to the large debts encumbering those interests. The IRS disagreed, and argued that the success of the documentary and Cirque du Soleil show released after his death were foreseeable and should affect the value of his estate. The disagreement resulted in a $526 million estate tax deficiency and penalties of $205 million imposed by the IRS. The trial began in Tax Court on February 6, 2017.

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Mary Tyler Moore: Another Uncertain Celebrity Estate

Beloved actress, producer and activist, Mary Tyler Moore, was laid to rest in a private ceremony in Fairfield, Connecticut on January 29, 2017 at 80 years old, after battling diabetes and suffering from complications with pneumonia. While the status of her estate is unclear at this point, it is very likely that Moore left behind a Will. With a considerable legacy, including an estate that is valued at $60 million, a question arises of who will inherit Moore’s fortune. Her son and only heir, passed away tragically in an accident and her brother and sister are also deceased. This essentially leaves Robert Levine, her longtime husband, as her primary heir. Under Connecticut Probate Rules, Levine is entitled to at least one third of Moore’s probate estate, which in this case, under Connecticut’s spousal share, could be in the spectrum of $20 million. Although Moore left an undetermined amount of money to charity, the question remains: Will her husband inherit a large chunk of the “high-net-worth” legacy that she leaves behind or will charities such as PETA and the Juvenile Diabetes Research Foundation, to which she has contributed in the past, receive the majority share?

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Grandparent Scam

Beth McCann, the Denver District Attorney, recently sent out this Consumer Advisory newsletter with information about the "Grandparent Scam".  Click here to read the newsletter. 

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Colorado's New Law: The End-of-Life Options Act

This election season was full of interesting contests and a few surprises. If you were following the issues in Colorado, you saw an array of familiar ballot initiatives dealing with legalized marijuana, funding for the Scientific and Cultural Facilities District, and of course, heated contests between diametrically opposed candidates. But you also saw the passage of a ballot initiative that will only directly affect a limited portion of the population, but is intended to provide that small group with an alternative to suffering through a painful terminal illness.

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