Should you hold your residential real estate in a trust or an LLC? Trusts may be emerging as the better option. Here is why. Background Regarding LLCs and Colorado Real Estate Over the last 20 years, LLCs became the preferred way to hold Colorado rental real estate because the LLC provided privacy and limited liability […]
Colorado recognizes prenuptial and post-nuptial agreements. A spouse can waive virtually all rights except child support. The question is, should they? Prenuptial Agreement Contents Most prenuptial agreements start with both spouses waiving all rights to the other spouse’s property whether that property is acquired before or during the marriage. The spouses also waive any right […]
By January 1, 2025 over 32 million small companies must report their beneficial owners to the Treasury Department. Failure to report creates substantial criminal and civil liabilities for the company and its beneficial owners. The question has arisen, do homeowner associations have to report under the Corporate Transparency Act (CTA)? The State of Colorado seems […]
Perhaps the most common reason clients create a trust is to protect real estate from probate. How the trust is funded with real estate depends on the specific situation. How to Fund Your Trust with Real Estate Real estate can fund a trust either by being conveyed to the trust or by some version of […]
Nothing is more confusing to an estate planning client than the Marital Trust. To understand the Marital Trust requires stepping back in time. History of the Unlimited Marital Deduction In 1976, my grandfather passed away suddenly. I can still see my grandmother’s tears and look of anguish as we approached the farmhouse door. Then […]
In 1916, the U.S. enacted a tax on estates. And also in 1916, the U.S. established the first exemption from estate tax for estates below $40,000. It has been a wild ride ever since. In 1993, the exemption from estate tax was $600,000. In 2002 the exemption was $1,000,000. In 2024 the exemption is $13,610,000. […]
Starting January 1, 2024, small corporations, LLCs, and similar entities are required to report beneficial ownership information to the Treasury’s Financial Crime Enforcement Network (FinCEN). The penalty for failure to file is up to two years in prison and $10,000. A beneficial owner is any individual who directly or indirectly exercises substantial control over the […]
Starting January 1, 2024, small corporations, LLCs, and similar entities are required to report beneficial ownership information to the Treasury’s Financial Crime Enforcement Network (FinCEN). The penalty for failure to file is up to two years in prison and $10,000. The deciding factor appears to be if the entity was created by filing a document […]
Over the past several years, European activists blocked traffic, glued themselves to runways, and smeared paint on art exhibits to gain attention about various causes. Recently, similar acts have been committed in Colorado and elsewhere in the United States. I have often wondered why some enterprising lawyers have not raised the issue of civil conspiracy. […]
Mineral interests can become fragmented, difficult to trace, and expensive to transfer. Holding mineral interests in an LLC can solve all three problems. The phrase “mineral interest” is used broadly to describe rights to gas, oil, and other minerals at or below the surface of land. Mineral interests are further divided into royalty interests, working […]