On September 10, 2014

Here is the conclusion to our blog series Probate in Colorado: 6 Facts to Know.

Some Final Important Facts to Know about Probate in Colorado

Fact 5 – There may be some capital gains tax benefits associated with going through probate in Colorado.

While there is a lot to know about probate in Colorado, the most important thing to keep in mind is that you can trust a Denver probate lawyer at JR Phillips & Associates to help you resolve all probate matters as efficiently and favorably as possible.

While there is a lot to know about probate in Colorado, the most important thing to keep in mind is that you can trust a Denver probate lawyer at JR Phillips & Associates to help you resolve all probate matters as efficiently and favorably as possible.

Capital gains tax specifically refers to the taxes that are levied when there has been a profit on the sale of some property. When specifically associated with an estate and probate in Colorado, capital gains tax:

  • Typically applies to the taxes that are imposed when assets of an estate are sold off for more than they were originally purchased
  • Can be associated with what is known as a stepped-up basis.

With the probate in Colorado, the stepped-up basis for capital gains tax can be extremely beneficial in that it can save thousands – if not hundreds of thousands of dollars – for beneficiaries.

Here’s a concrete example to clarify this fact about probate in Colorado. Let’s say a decedent originally bought his home for $40,000 decades ago. Upon the person’s death, the home is appraised at $340,000. His children end up selling the home for $345,000. With the stepped-up basis for the capital gains tax with probate in Colorado, the children will only legally have a capital gain of $5,000 (instead of $305,000) because the value of the home will be “stepped up” to its current value.

Fact 6 – You can trust a Denver probate lawyer at JR Phillips & Associates to successfully handle all matters related to probate in Colorado.

While there are a lot of facts to know about probate in Colorado, the single most important thing to remember is that you can rely on a Denver probate attorney at JR Phillips & Associates, PC to:

  • Help you make the necessary plans to ensure your family can avoid probate in the future
  • Help you resolve all matters related to probate if your loved one’s estate must proceed through this legal process.

Denver Probate Attorney at JR Phillips & Associates, PC

Do you need assistance with any matter related to probate in Colorado? If so, you can turn to a Denver probate lawyer at JR Phillips & Associates, PC. Each of our attorneys provides a thoughtful, comprehensive approach to our clients’ estate planning needs, and we take pride in helping 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.

Contact Us

Let’s discuss your options during an initial consultation. To schedule this meeting, call us at (303) 741-2400 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Probate, Probate Litigation