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.
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.
A wonderful and professional office!
Anna is very knowledgeable and attentive when it comes to going over documents. You can see that she loves her job and puts her all in to it!- Marquez R.
We especially like the annual revisiting of our plan
We were impressed by the knowledge of everybody in the office, and their willingness to help us not only understand our estate plan, but to assist us in making it work the way we need it to.- Kelly B.
We made a very thorough review of my trust, and all my questions were answered.
Some slight changes were necessary, and they're preparing them and have already set up a date for another review in a week.- Terrell N.
Your home or business’s electrical system does a lot more than just keep the lights on. The wires, outlets, and circuit boards that populate your property power appliances, keep devices charged, and protects you from the dangers of uncontrolled electricity. At Volt Mills, we know just how important and complex your residential or commercial electrical system is, and we provide all the products and services you need to keep it functional, efficient, and safe. Our licensed, bonded, and insured Las Vegas electricians have years of on-the-job experience that has given them the skills and knowledge necessary to address all of your electrical issues quickly and effectively, without compromising safety or quality.
Whether you need an outlet repaired, an electric car charger installed, or lighting upgrades, Volt Mills has everything you need to get the most out of your electricity. We even offer solar services to make your home even greener and more energy-efficient. No matter what the job is, we make sure that it gets done right the first time, so you can start enjoying safer, more reliable electricity the minute we leave.
The Importance of Power of Attorney for College Students: Securing Your Future Today Read More
Empowering Your Child's College Future: Unlocking the Potential through Strategic Estate Planning Read More
6 Reasons Why Quality Legal Counsel Is Essential During Probate – After A Loved One Passes Away Read More
Nearly Two Decades of Experience
Honest Pricing With No Hidden Fees
Prospective Clients Know the Process Before Hiring Us
Financial Advisors Can Better Serve Their Clients