Information on this Blog is provided for educational purposes.Neither reading this Blog, nor initiating unilateral communication to the author, will create an attorney-client relationship, which requires formal, mutual agreement (See: "CONTACT NOTICE", above).Nothing on this Blog shall be considered legal advice or formal opinions. No reader is justified in relying upon the contents of this Blog, or upon any links contained in it, regarding personal matters. The author disclaims any liability related to a reader's unilateral use of such information.More specifically, to the extent this Blog references any federal tax matters, such entries cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed under law, according to IRS Circular 230. If a reader requires legal advice or services, contact a qualified attorney licensed in the appropriate jurisdictions or forums to provide personal, confidential advice or representation. The author is licensed to practice law in the Commonwealth of Pennsylvania and before some federal courts & agencies.Any opinions expressed in this Blog are solely those of the author, and not those of Widener University Law School, Serratelli, Schiffman & Brown, P.C., or any other organization with which the author is associated.By supplying cross-links to websites of other persons or organizations, no endorsement is intended. Readers must always use due diligence and discretion when evaluating the veracity of any material found on the worldwide web, regardless of the referral source.The contents of this Blog are subject to change without notice. Entries may contain -- or will contain due to the passage of time -- dated, inaccurate, or incomplete information on the subject matter.Copied or cross-referenced materials on this Blog that were created by others are displayed under the federal "Fair Use Doctrine", with full recognition of any copyrights secured by others.Any comments or objections about the use of materials on this Blog should be directed immediately to the author, together with reply contact information.This Blog's presentation & original material are Copyright © 2006-2011 by Neil E. Hendershot, with "All Rights Reserved".

Dealing with Estate Taxes

people, however, who do not have the services of a qualified estate planning attorney can understand the intricacies of the new laws in place. When someone passes away, the last thing their loved ones want to deal with are complicated rules and procedures regarding the estate, especially since in addition to the federal tax laws, each state—Colorado included—has its own estate planning laws. People in Colorado would be wise to consult a Colorado estate planning attorney early; having your affairs in order before you pass away can save your loved ones years of added grief.

A recent article by the New York Times discusses some of these issues:

• Only those who make over a certain amount of money are subject to federal estate taxes.
• Those who came into inheritances in 2010 can opt out of the new tax scheme or choose to be subject to it.
• Those who opt out will be subject to new and different taxes should they ever try to re-sell the inherited assets.
• The deadline to choose is November 15, 2011
• A major responsibility for the division of assets and the applicability of the new tax scheme will fall onto the shoulders of the estate executor.
• The I.R.S. has yet to release a final version of the new tax form 8939 which includes the intricacies of the new inheritance tax scheme.

This new tax scheme is complex and could be subject to favoritism on the part of executors. If you live in Colorado, estate planning attorneys Ellman & Ellman, PC, can help navigate not only those situations in which inheritance taxes become contentious, but the common difficulties of balancing federal laws with Colorado inheritance tax laws. A little preparation in advance could save your descendants months or even years of frustration.

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