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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2014 Probate Numbers Indexed for Inflation

The 2014 numbers have been posted by the Colorado Department of Revenue at Nominal and Indexed Amounts by Year of Death. Small Estate Affidavit is now $64,000; Exempt Property Allowance is $32,000; Exempt Family Allowance is $32,000; Supplemental Elective-Share amount is $53,000.

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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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