The IRS estate tax was on hiatus in 2010 but it has returned. There are rules on when you have to file and what is included in the estate. The Colorado estate tax is based on the death tax credit allowable on the federal tax return. If you would like to have your heirs protected from being taxed unnecessarily by these two jurisdictions, you need to meet with a Colorado estate planning attorney. The Colorado estate planning attorney is knowledgeable in all state and federal tax law. When you are drawing up your will you can investigate options such as trusts and any other tax protection measures that can be taken to reduce any tax liability your estate causes your heirs. For example; some life insurance proceeds and annuities will not be considered part of the “gross estate” and the Colorado estate planning attorney may be able to recommend you purchase one of these products
The Colorado estate tax attorney can give you a layman’s understanding of the tax codes involved. The larger the estate, the more complicated the taxes can be. Not only will the estate planning attorney be helpful to you, they will be there for your spouse, children, and any other heirs, when the time comes, to explain all the actions required of them by the state and federal government in the filing of estate taxes. Make no mistake any appreciable amount of money or property will be reviewed by the government at this time and you want to be sure all that could have been done before your passing has been done. The Colorado estate planning attorney is the professional you need to get this job done.
The tax code for income can be complicated enough. When it comes to estate taxes the matter is complicated by the death of a loved one. Filing returns and tending to errands caused by improper planning of your estate is not what you want your heirs doing. People work their whole lives to provide for and protect their family. Consulting with a Colorado estate planning attorney is just another way to show how deeply you care for your loved ones.