Estate Planning
If you wish to have any power and control over the distribution of your
estate upon your death, then you need an estate plan. Estate planning is
an overall picture regarding everything you own or in which you have an
interest. Effective estate planning will bring everything together and
make sure that all pieces are properly coordinated to work with each
other.
If you have any property, real or personal, and wish to control where
that property goes upon your death, then you need a will. If you die
without a will, then everything you own or in which you have a
beneficial interest will be distributed pursuant to Colorado law and
distributed to family members in varying degrees depending upon the
family members that are living at the time of your death. In the absence
of a validly executed will, this is how your property will be
distributed.
Simple Will A “simple” will is a document that will direct how and to whom your
property is distributed upon your death. This type of will does not
incorporate trust or tax planning and is typically used by people owning
assets that are significantly less than the current estate tax
exemption. In order to be valid, a will must be signed by two witnesses
and sign the will at the same time as the person making the will.
$1 Million Estate Tax Exemption Currently, the federal estate tax exemption is repealed for the year
2010 but is scheduled to revert to the old exemption amount of
$1,000,000 for 2011. This means that a person will owe taxes on the
portion of his or her estate that exceeds the exemption limit in the
year of his or her death.
Gross Estate and Taxable Estate Your gross estate includes everything you own or in which you have a
beneficial interest at the time of your death including life insurance
proceeds. Your taxable estate will be calculated by valuing your gross
estate and subtracting some deductions including, but not limited to,
funeral expenses paid from your estate, debts you owed at the time of
your death, the marital deduction which is generally the value of the
property that passes from your estate to your surviving spouse, the
charitable deduction which is generally the value of the property that
passes from your estate to the United States, any state, a political
subdivision of a state, or to a qualifying charity for exclusively
charitable purposes, and the state death tax which is generally any
estate inheritance, legacy, or succession taxes paid as the result of
the decedent’s death to any state or the District of Columbia.
Gifting and Gift Tax
The current annual gift tax exemption
amount is $12,000 per year per person. Every individual may give a gift
in the amount of $12,000 per year to as many people as they wish without
incurring any taxes or reducing their life time exclusion amount. If you
gift more than $12,000 in a year to any single individual, then it will
be deducted from your life time exclusion amount of $1,000,000 and also
requires that you file a gift tax return. The person receiving the gift
does not pay any taxes. If, however, a gift tax is due, then it is the
person making the gift that must pay the tax.
The attorneys at Bloch & Chapleau, LLC are
here to help you develop an estate plan that is best suited to your
particular situation and needs. Bloch & Chapleau, LLC offers the
following estate planning services:
Wills;
Trusts;
Living wills;
Colorado Medical Power of
Attorney (this is broader than a living will);
Power of Attorney;
Conservatorship; and
Probate Litigation.
Creating an effective estate plan is
absolutely necessary to ensure that your wishes are carried out and that
your beneficiaries are protected. Our attorneys will make sure that you
and your family are protected both during your lifetime and after you
are gone.
Parker
9800 Mount Pyramid
Ct. Suite 400
Englewood, CO
Tel: (303) 331-9500
Fax: (303) 355-0252 Click Here for
Maps/Directions
Vail
Valley
Riverwalk at Edwards #G-1
Edwards, CO
Tel: (970) 926-6830
Toll Free: (800) 813-0928 Click Here for Maps/Directions
Common Tags:
Denver Estate Planning Attorney, Colorado Trust Attorney, Will Attorney Denver, Estates Attorney, Family Law Attorney Denver, Colorado Wills and Estates Lawyer, Asset Protection, Denver Estates Lawyer, Living Trust, Probate Attorney Denver, Living Will, Denver Elder Law Attorney, Power of Attorney
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We serve the following Colorado areas:
Denver CO 80206, Edwards/Vail Area CO 81632, Englewood (Park Meadows) CO 80112
