SUMMER 2024 NEWSLETTER
Powers of Attorney
Graduation season is over! If you have a young adult inyour life preparing for college, trade school, a gap year, or the workforce, we recommend they execute medical and financial powers of attorney. Please contact our office if you or the young adult in your life would like to discuss powers of attorney.
Premarital and Marital Agreements
Colorado is one of only a handful of states that treat the appreciation of property during a marriage as marital property, even if the asset was owned separately prior to the marriage. This is just one issue that can be addressed by a premarital or marital agreement. Hawkins Gordon is available to assist with the preparation, negotiation, and review of premarital and marital agreements. If you or a loved one would like to discuss the benefits of premarital or marital agreements, or have a current agreement to be reviewed, please contact our office.
The Corporate Transparency Act and Your LLC, Small Business, or Corporations
If you have an LLC or other business entity, you are likely subject to the new reporting requirements of the Corporate Transparency Act. Please contact our office for assistance with preparing and filing your required reports. For more information regarding the Corporate Transparency Act and the reporting requirements, please see https://www.fincen.gov/boi.
Estate and Gift Tax Update
The annual gift tax exclusion is now $18,000 per person ($36,000 per married couple).
The federal estate and gift tax exemption amount is currently $13,610,000 per person ($27,220,000 per married couple). However, the current federal estate and gift tax exemption amount is scheduled to sunset at the end of 2025. Beginning January 1, 2026, the exemption amountis expected to return to $5,000,000 (adjusted for inflation). Congress could act to prevent or modify the sunset provision. We will continue monitoring congressional action and keep you informed of any changes.
If your estate exceeds $5,000,000 per person ($10,000,000 per married couple) (adjusted for inflation) and you would like to take advantage of the current higher exemption amount, please contact our office to explore your estate tax planning options.
Firm News
Miranda K. Hawkins was named by her peers as a 2024 Colorado Super Lawyer. Miranda also received the Five Star Investment Professional Award for 2024.
Anne M. Zogg has joined the Advisory Board of Metro Volunteer Lawyers and serves as Vice Chair of the Denver Access to Justice Committee.
Hawkins Gordon has been included in the Best Law Firms® 2024 edition for our work in Trusts and Estates, as a Colorado Tier 2 firm.
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