Author Archives: Mimi Abrams Goodman

Federal Estate Tax and Carryover Basis

Federal Estate Tax and Carryover Basis in 2010 – The Unthinkable With its priorities elsewhere last year, the U.S. Congress failed to address a major problem with the 2001 federal estate tax law that may wreak havoc with estates of people who die in 2010. Under the 2001 law, the federal estate and generation-skipping taxes… Continue Reading

Joint Revocable Living Trust

Joint Revocable Living Trusts: The Good, The Bad, and The Ugly A revocable living trust is an estate planning tool that basically serves as one’s “alter ego” during lifetime, holding legal title to assets but having no separate tax identity. The creator of the trust, known as the “grantor,” “settlor” or “trustor,” also typically serves… Continue Reading

Properly Signing a Will

The Importance of a Properly Executed Will, and What it Does and Doesn’t Control In Colorado, signing a will with the proper formalities can make a big difference in the administration and distribution of your estate. Colorado has a progressive, consumer-oriented probate system. Commentators in the national media constantly warn the public to “avoid probate,”… Continue Reading

Personal Representative’s Deed for Closing

Need a Personal Representative’s Deed for a Closing? REALTORS® regularly call the firm to assist with a scheduled closing where the seller does not yet have title to the property because the property hasn’t been administered from an estate of a deceased person. We find that often there is a misunderstanding that the Personal Representative’s… Continue Reading

Terry Schiavo Case: In Colorado, A Living Will Is Not The Correct Solution

As a result of publicity over the Terry Schiavo case, I have received several inquiries from clients and others about the use of living wills and advance directives in Colorado. After reviewing the living will and medical durable power of attorney forms published by the Colorado Bar Association, and Colorado’s statutes governing living wills and… Continue Reading

Beneficiary Deeds in Colorado

  Colorado’s new beneficiary deed law became effective on August 4, 2004. The law applies to beneficiary deeds recorded by owners who die after that date, and governs not only beneficiary deeds created after that date under the new statutory guidelines, but also to the older “transfer on death” deeds previously authorized in Colorado. The… Continue Reading

Basic Business Entity Maintenance Guidelines

  To maximize protection of your personal assets from liabilities associated with your business properties and operations, ALWAYS observe the following basic formalities. (This is not meant as an exhaustive list; corporations and other specific types of business organizations have additional requirements that are beyond the scope of this simple checklist). Have proper company formation… Continue Reading

Marketability Issues of Titles Held by Trusts and Trustees

This article was originally published in The Colorado Lawyer, Vol.29, No. 8, August 2000. The Colorado statutes discussed in this article have been changed since the article was published. This article should be consulted as historical background only. Please also see related article:  “Trusts and Titles New Colorado Law” The revocable living trust has become… Continue Reading