On September 5, 2014

Picking up from where we left off in Probate in Colorado: 6 Facts to Know (Pt. 1), below we will point out some more important facts that people should be aware of when it comes to probate in Colorado.

Additional Important Info You Should Know about Probate in Colorado

Fact 3 – Probate in Colorado likely won’t have specific impacts on your personal taxes if your estate is valued at less than $5M.

Careful planning with a Denver probate lawyer at JR Phillips & Associates can help your family avoid probate in Colorado altogether. Call us to learn more.

Careful planning with a Denver probate lawyer at JR Phillips & Associates can help your family avoid probate in Colorado altogether. Call us to learn more.

In Colorado, there is not currently an estate estate tax or inheritance tax; therefore, the federal estate tax statutes will only come into play for estates passing through probate in Colorado. What this specifically means is that:

  • The federal estate tax exemption will apply.
  • If an estate is valued at less than $5 million, then it will generally be exempt from federal estate taxes.

Here, however, it’s important to point out that:

  • Setting up trusts or taking advantage of other estate planning options may help people take advantage of the federal estate tax exemption.
  • Working with an experienced Denver probate lawyer at JR Phillips & Associates, PC can help figure out your best options for protecting as much of your assets as possible so that they are passed down to your family – instead of being handed over to tax officials and agencies.

Fact 4 – Although most estates go through probate in Colorado, careful planning ahead of time can eliminate probate entirely.

Whether or not a person has a will in place, that individual’s estate will almost always pass through probate in Colorado. There are, however, ways for people to avoid having their estate go through probate, and making specific arrangement ahead of time with an experienced attorney can ensure that a person’s estate will not eventually have to be probated in the future.

For example, people who do not want to have their estate go through probate in Colorado (or to have the loved ones have to deal with this potential stress and hassle) can set up living trusts or other types of trusts. It may also be possible to:

  • Set up a “right of survivorship” for jointly owned property (like homes or real estate)
  • Name a “payable-on-death” beneficiary (for things like bank accounts).

The bottom line with this fact about probate in Colorado is that people should make arrangements in advance for their assets and loved ones if they want to help their beneficiaries avoid probate in the future.

Be sure to check out the upcoming conclusion to this blog series.

Denver Probate Attorney at JR Phillips & Associates, PC

Do you need help with any matter related to probate in Colorado? If so, you can turn to a Denver probate lawyer at JR Phillips & Associates, PC.

Each Denver probate lawyer at JR Phillips & Associates, PC provides a thoughtful, comprehensive approach to our clients’ estate planning, elder law and other legal needs, and we take pride in helping each of our clients and their families find the best solutions for them.

While this means that we provide personalized attention at every step of the process, it also means that our clients can rely on our Denver probate attorney to always be competent, caring and professional while providing them with the highest quality of estate planning legal services at affordable rates.

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To set up an initial consultation with us, call us at (303) 741-2400 or email us using the contact form at the top of this page.

Categories: Probate, Probate Litigation