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

Jonathan F. Haskell was born in Denver, Colorado. He graduated from the University of San Diego and earned a Bachelor of Accountancy with an emphasis in Finance and Real Estate (2006). Mr. Haskell earned his Juris Doctorate from the University of Colorado Law School (2010). He is admitted to practice in Colorado courts and the Colorado Supreme Cour...t. Mr. Haskell is a member of the Uniform Trust Code Committee and Orange Book Forms Committee of the Colorado Bar Association. He is also a member of the Colorado and Denver Bar Associations. Mr. Haskell practices in the areas of estate planning, probate and trust administration, and litigation support. More

Late Portability Election

“Portability” allows a surviving spouse to add a deceased spouse’s unused estate tax exemption onto his or her own exemption. Each spouse has an estate tax exemption amount of $5 million, which is indexed for inflation after 2011. In 2017, the exemption is $5,490,000. To elect portability, a client must timely file Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, which is due 9 months after the decedent’s date of death, but the due date can be extended for six months if a request for extension is timely filed.

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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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Minority Interest Discounts in Family Controlled Entities

On August 2, 2016, the Treasury Department proposed a series of regulations to Section 2704 of the Internal Revenue Code. If these proposed regulations are made final, this could greatly limit the ability of family controlled partnerships, limited liability companies, and corporations to transfer interests in a manner that takes advantage of minority discounts.

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766 Hits

Heir Location Service Industry Problems

At the end of 2015, the U.S. Department of Justice brought charges against a California-based heir location services provider. The DOJ has a number of ongoing antitrust investigations into customer allocation, price fixing, bid rigging and other anticompetitive conduct that runs rampant in the heir location service industry. Consumers will benefit from the Department of Justice shining a light on this industry.

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Coasts Collide over Joan Rivers Domicile Issue

Joan Rivers’ Will declared that while she was a resident of New York, her domicile (her declared permanent home state) was California. For state estate tax purposes, domicile at the time of death determines which state’s estate tax will apply. California has no state estate tax. New York has an estate tax of 16% for estates which exceed $10 million.

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1060 Hits