Monument, CO Estate & Gift Tax Attorneys

Does Colorado Have Estate Tax?

Colorado does not have its own separate estate tax. However, it's important to note that estate tax laws can change, and states have the authority to implement their own estate taxes. In the past, Colorado initially had an inheritance tax, but it was replaced by an estate tax in 1980. Until 2005, a federal tax credit known as the "state death tax credit" was allowed, and Colorado's estate tax matched this credit. Federal changes eliminated this credit in 2005, effectively ending Colorado's estate tax for deaths after December 31, 2004. However, if the date of death falls before that date, Form DR 1210 must be filed. Additional filing details can be found on the Colorado Department of Revenue website.

Since tax laws can change over time, it's crucial to consult with a qualified estate planning attorney and gift tax attorney in Monument to get the most up-to-date information on estate taxes in the state and to understand how they may impact your estate planning.

Have questions? Speak with a qualified Monument estate & gift tax lawyer at Mason Law and Planning Group. Please call us at (719) 292-1888 or contact us online.

Who Pays The Gift Tax?

The federal gift tax is generally paid by the donor (the person making the gift). If you make gifts during your lifetime that exceed the annual exclusion limit or the lifetime gift tax exemption, you may be required to file a federal gift tax return, but you would generally only owe gift tax if your total lifetime gifts exceed the exemption limit.

Speak With Experienced Estate and Gift Tax Lawyers in Monument

With nearly two decades of experience in estate planning, we provide you with trusted guidance to navigate the complexities of these tax matters. Our commitment to honest pricing with no hidden fees ensures that you have a clear understanding of the costs involved before proceeding. We believe in transparency and empowering our clients with knowledge.

By partnering with us, you can feel safe knowing that your wealth will be preserved and transferred according to your wishes. At Mason Law and Planning Group, we are dedicated to helping you protect your legacy and minimize the impact of estate and gift taxes.

Contact us today to discuss your unique situation and take the first step toward securing your financial future. Dial (719) 292-1888 to make an appointment.