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

Who Has the Right to a Decedent's Remains

Probate and estate litigation is fraught with emotion. We often see families divided over a deceased loved one’s property. And while each dispute is different, there are commonalities; one of which is that the disputes are often “not about the money.”

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Swedish Death Cleaning

A common problem which many families encounter following the death of a parent or other relative is how to deal with the decedent’s personal property. In the absence of a legally effective personal property memorandum, will, or other governing document signed by the decedent specifying who gets what, the disposition of the personal property sometimes leads to bitter, protracted, and often times expensive controversies between the surviving spouse, children of the first or subsequent marriages, or other family members.

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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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584 Hits

New Tax Bill Passed!

The American Taxpayer Relief Act was passed in the first days of 2013 to avoid raising taxes on all taxpayers. The Act: (1) extends the 2012 income tax rates for persons earning less than $400,000, or $450,000 for joint filers; (2) for these same filers, the capital gains and dividends rate will increase from 15% to 20%, but stay at 15% for other taxpayers; (3) estate, gift and GST exemptions stay at $5 million (indexed for inflation) but the top rate is increased from 35% to 40%; (4) makes "permanent" the portability of a deceased spouse’s unused exemption to the surviving spouse; and (5) makes "permanent" the alternative minimum tax relief and indexes it for inflation.
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1180 Hits