In 1916, the U.S. enacted a tax on estates. And also in 1916, the U.S. established the first exemption from estate tax for estates below $40,000. It has been a wild ride ever since. In 1993, the exemption from estate tax was $600,000. In 2002 the exemption was $1,000,000. In 2024 the exemption is $13,610,000. […]
Starting January 1, 2024, small corporations, LLCs, and similar entities are required to report beneficial ownership information to the Treasury’s Financial Crime Enforcement Network (FinCEN). The penalty for failure to file is up to two years in prison and $10,000. A beneficial owner is any individual who directly or indirectly exercises substantial control over the […]
Starting January 1, 2024, small corporations, LLCs, and similar entities are required to report beneficial ownership information to the Treasury’s Financial Crime Enforcement Network (FinCEN). The penalty for failure to file is up to two years in prison and $10,000. The deciding factor appears to be if the entity was created by filing a document […]
Over the past several years, European activists blocked traffic, glued themselves to runways, and smeared paint on art exhibits to gain attention about various causes. Recently, similar acts have been committed in Colorado and elsewhere in the United States. I have often wondered why some enterprising lawyers have not raised the issue of civil conspiracy. […]
Mineral interests can become fragmented, difficult to trace, and expensive to transfer. Holding mineral interests in an LLC can solve all three problems. The phrase “mineral interest” is used broadly to describe rights to gas, oil, and other minerals at or below the surface of land. Mineral interests are further divided into royalty interests, working […]
A “pocket deed” is a nondelivered real estate deed executed by the current owner during their life where the current owner (the “grantor”) instructs the deed to be delivered to the beneficiary (the “grantee”) upon the current owner’s death or some other condition. The usual intent is to retain property ownership until death and to […]
Certain questions come up in almost every Colorado estate planning consultation. Below are a few clarifications based upon mistaken beliefs we see. These are general rules. There are exceptions to the general rules. A power of attorney terminates at death. It is a violation of Colorado law for an agent to use a power of […]
I went looking for 2022 celebrity deaths ending up mired in the probate courts. I only found one. Anne Heche. Shortly after her breakup with Ellen DeGeneres in 2000, Anne Heche started seeing Coleman Laffoon. Coleman and Heche married in September 2001, had a child named Homer Laffoon, separated in 2006, and divorced around 2007. […]
Colorado Eviscerates Non-Competition & Trade Secret Agreements Non-competition agreements have arguably been overused to the benefit of employers. HB22-1317 drastically changed Colorado’s law governing these agreements. The changes went into effect on August 9, 2022 and apply to agreements entered into or renewed after August 9, 2022. These changes affect Colorado employers and any business […]
The Colorado General Assembly passed HB22-1137 increasing HOA Board requirements before filing lawsuits and limiting interest on delinquent accounts. We have mixed emotions about this law. On one hand, we have seen some heavy-handed HOA boards and lawyers taking advantage of the previous law. On the other hand, the pendulum has swung far the other […]