Estate Planning Attorney in Colorado Springs, CO
Our Estate Planning includes: advising client objectives to match client needs with client goals (irrespective of financial resources within the client’s family); Use of trusts, corporations, limited partnerships, and limited liability companies in order to meet client goals; selection of offshore structures and jurisdictions that maximize liability protection for clients in professions facing high litigation exposure; charitable planning to meet client’s desire to meet important social and/or religious objectives that continue long after the client is gone; advising clients concerning the appropriateness of the plethora of financial planning products available in the marketplace, including the use of offshore financial tools. We invite you to read about our process here.
America’s tax structure changed drastically with new tax laws in 1997, 2001, 2013 and 2017. It changed with both Republican and Democratic Presidents. In 2019, no person pays estate or gift taxes unless that person has over $11,400,000 ($22,800,000 for a couple). But in 2026, the estate tax exemption reverts back to $5,000,000 ($10,000,000 for a couple).
A poorly planned estate can pay significant taxes to federal and state government (as much as 40% in taxes in 2019). Planning is more important now than it has ever been in the past. We create sophisticated estate structures that allow clients to minimize the transfer of their wealth to entities other than the client’s family, or entities chosen by the client.
For smaller estates, our estate planning can decrease much of the estate costs (including taxes) chargeable to clients with more traditional estate planning, or no estate planning at all. Additionally, a thoughtful estate plan can minimize a client’s professional liability risk. Legal structures that may accomplish these objectives include:
- Wisely using Payable on Death (POD), transfer on death (TOD), and beneficiary designations (including beneficiary deeds for real estate).
- Family Limited Partnerships, corporations and limited liability companies that allow clients to control their assets and distributions coming from those assets.
- Charitable Planning, including the donation of highly-appreciated property to worthy causes, zeroing out all capital gains taxes while providing the client with income from those assets for a lifetime (or two lifetimes, if client is married).
- Trusts and Wills
- Sophisticated planning tools based upon each client’s unique circumstances, rarely used by other attorneys.
If you’re ready to take the next step in planning your estate, reach out to Buckley Law to discuss your goals and create a personalized plan that meets your needs. Call us at 719-447-8797 or complete our contact form, and we’ll arrange a convenient time to meet.
Are federal estate tax laws changing soon?
Yes, they are. On Jan 1, 2026, the amount of taxes you will pay in gift or estate taxes with large estates will decrease significantly – more than half what they are presently.
If I owe estate or gift taxes, are there ways to decrease that liability while I am alive?
Yes. Even if estate taxes are owed, we can provide advice on potential ways to legally decrease those taxes when you pass into eternity. Buckley Law has done this type of planning for very large estates for over three decades.
Should I owe my rental properties in my spouse’s and my names jointly?
We recommend that you consider owning your rental properties with an asset protected entity, either a form of limited partnership or a limited liability company (but never in a corporation). All entities are not the same, just like all state laws are not the same! Buckley Law does a lot of this type of planning, no matter how many real estate properties you may own.
Should my partner and I consider doing a marital (pre-nup) agreement before we marry?
Not every couple needs a marital agreement. However, if one person has a significant risk of being sued (think doctor, entrepreneur, high net worth individual), then he or she may want to plan to protect their soon-to-be-spouse’s personal assets from lawsuits. Additionally, proper planning can move assets from one partner to the other in order to provide the family a better balance of assets, if one of them is sued.
Should older blended (2d or subsequent marriages) families consider estate planning for children born in previous relationships?
It depends. You can keep everything you own as separate property using a marital agreement, and provide very limited (or no) access to your spouse should you die first. But if you want to provide some benefits to your spouse, you can do an estate plan that will provide some financial access to the surviving spouse, but also insure that if anything is left in your estate that it goes to your children.
Articles
“Portability” of the Federal Estate Tax Exemption – What does it Mean?
With the political and economic climate as it is in the summer of 2008, we are not likely to see total repeal of the federal estate tax in the foreseeable future. However, both Republican and Democratic Presidential candidates support estate tax reform. Realistically,...
