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

Certain Changes Effective in 2019

The gift, estate and generation-skipping exemptions are $11.4 million per taxpayer in 2019. Keep in mind that if a Credit Shelter Trust was earlier created at the death of a family member, that trust ordinarily will not be included in the estate of the beneficiary. With the larger estate tax exemption, the family may not care about estate tax inclusion, but they may want a “stepped up basis” for the assets in the trust at the death of the current beneficiary to minimize capital gains taxes. If this applies to your situation, you probably need to take some actions now in order to obtain the stepped-up basis for the trust assets on the death of the current beneficiary.

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2016 Cost-of-Living Adjustments

The Colorado Department of Revenue recently posted the 2016 cost-of-living adjustments (tied to inflation). The exempt property and family allowance each stayed at $32,000 and the small estates affidavit stayed at $64,000.  For more information, go to 2016 COLA Adjustments.

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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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