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Colorado Estate Planning Handbook

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Colorado Estate Planning Handbook LIST OF CHAPTERS VOLUME 1 Chapter 1 ESTATE PLANNING Louisa M. Ritsick, Esq. Chapter 2 ETHICAL ISSUES IN ESTATE PLANNING James R. Walker, Esq. Chapter 3 ENGAGEMENT LETTERS Constance Tromble Eyster, Esq. Chapter 4 NONPROBATE TRANSFERS Josie M. Faix, Esq. Chapter 5 JOINT TENANCY Carl G. Stevens, Esq. Chapter 6 INTER VIVOS GIFTS Mark D. Masters, Esq. Chapter 7 UNMARRIED COUPLES Elizabeth A. Bryant, Esq. Erica L. Johnson, Esq. Chapter 8 ELDER LAW CONSIDERATIONS FOR ESTATE PLANNING Kerri L. Klein, Esq. Chapter 9 PROTECTED PERSONS Magistrate (Retired) Sandra Franklin M. Carl Glatstein, Esq. Chapter 10 POWERS OF ATTORNEY Thomas A. Rodriguez, Esq. Chapter 11 ADVANCE DIRECTIVES Michael A. Kirtland, J.D., LL.M., CELA Chapter 12 HIPAA ISSUES IN ESTATE PLANNING Michael A. Kirtland, J.D., LL.M., CELA Catherine Anne Seal, J.D., LL.M., CELA Chapter 13 RESERVED (12/17) TOC-1 Orange Book Handbook: Colorado Estate Planning Handbook Chapter 14 PRINCIPLES OF WILLS David K. Johns, Esq. Chapter 15 FIDUCIARIES Paul M. Smith, Esq. Chapter 16 PERSONAL PROPERTY Abby C. Boyd, Esq. Jonathan A. Lehmann, Esq. Chapter 17 REAL PROPERTY R. Sterling Ambler, Esq. (1931-2004) Matthew L. Trinidad, Esq. Chapter 18 POWERS OF APPOINTMENT Jessica L. Broderick, Esq. Chapter 19 ADMINISTRATIVE POWERS Sumi Lee, Esq. (Chapter Review, 2017) Chapter 20 DRAFTING AND INTERPRETATION OF DISCRETIONARY DISTRIBUTION STANDARDS Carol Warnick, Esq. Kelly Dickson Cooper, Esq. Rebecca Klock Schroer, Esq. Chapter 21 CONTRACTS TO WILL David M. Swank, Esq. Chapter 22 RESERVED Chapter 23 TESTAMENTARY TRUSTS David A. Turner, Esq. Chapter 24 INTER VIVOS TRUSTS Walter M. Kelly II, Esq. Chapter 25 REVOCABLE TRUSTS James W. Buchanan III, Esq. Susan Fox, J.D., M.A. Daniel A. Rich, Esq. Chapter 26 JOINT REVOCABLE TRUSTS Carl G. Stevens, Esq. Bette Heller, Esq. TOC-2 (12/17) Table of Contents Chapter 27 ADVANCED ESTATE PLANNING TECHNIQUES Randolph Robida, Esq. Chapter 28 DECANTING A COLORADO TRUST Jessica L. Broderick, Esq. Christopher Cole, Esq. Chapter 29 IRREVOCABLE TRUSTS Edward D. Brown, Esq. Eric R. Kaplan, Esq. Chapter 30 IRREVOCABLE LIFE INSURANCE TRUSTS Bruce A. Fowler, Esq. VOLUME 2 Chapter 31 LIFE INSURANCE AND ANNUITIES Kirsten Waldrip, J.D., LL.M Chapter 32 SPLIT-INTEREST CHARITABLE TRUSTS Michelle M. Rose-Hughes, Esq. Chapter 33 GRANTOR RETAINED ANNUITY TRUSTS Laura S. Hundley, Esq. Helen E. Rogers, Esq. Chapter 34 DIRECTED TRUSTS Jeffrey Kadavy, J.D., CTFA Chapter 35 COMMUNITY PROPERTY Shelly D. Merritt, J.D., CPA Chapter 36 MARITAL AGREEMENTS Susan L. Boothby, Esq. Barbara Tocker Ross, Esq. Chapter 37 MARITAL DISSOLUTION AND ESTATE PLANNING Diane E. Wozniak, Esq. Chapter 38 EMPLOYEE BENEFITS Renée W. O’Rourke, Esq. Chapter 39 ASSET PROTECTION David H. Brantz, Esq. Carl G. Stevens, Esq. (12/17) TOC-3 Orange Book Handbook: Colorado Estate Planning Handbook Chapter 40 RESERVED Chapter 41 FARM AND RANCH ESTATE PLANNING Donald H. Kelley, Esq. Chapter 42 BASICS OF OIL AND GAS C. Elaine Carleton, Esq. Lauren W. Matthews, Esq. Chapter 43 SPECIAL USE VALUATION James F. Ingraham, Esq. Chapter 44 RESERVED Chapter 45 CHARITABLE DISPOSITIONS Michelle M. Rose-Hughes, Esq. Chapter 46 ALLOCATION OF ESTATE AND GENERATION-SKIPPING TRANSFER TAXES Klaralee R. Charlton, J.D., LL.M Chapter 47 ESTATE TAX MARITAL DEDUCTION Robert Wiegand II, Esq. Kimberly J. Raemdonck, Esq. Chapter 48 GENERATION-SKIPPING TRANSFER TAX STRATEGIES AND TECHNIQUES Tyler C. Murray, Esq. Michelle McCarthy, Esq. Chapter 49 SPECIAL VALUATION RULES Michael R. Stiff, Esq. Taylor P. Bechel, Esq. Chapter 50 MULTI-JURISDICTIONAL MATTERS Stephen M. Brainerd, Esq. Chapter 51 ESTATE, GIFT, AND INCOME TAXATION OF NONRESIDENT/NONCITIZEN ALIEN INDIVIDUALS Randolph M. Karsh, Esq. Steven R. Ogle, Esq. Chapter 52 IRA BENEFICIARY DESIGNATIONS AND INCOME TAX IMPLICATIONS Georgine M. Kryda, Esq. TOC-4 (12/17) Table of Contents Chapter 53 WILL CONTESTS Herbert E. Tucker, Esq. Chapter 54 CONTESTS AND DISPUTES IN ESTATE AND TRUST PROCEEDINGS Kelly Dickson Cooper, Esq. Chapter 55 EQUITABLE REMEDIES David W. Kirch, Esq. Emily L. Bowman, Esq. Chapter 56 INTENT AND REFORMATION: WILL FORM THWART SUBSTANCE? Spencer J. Crona, Esq. SUBJECT INDEX (12/17) TOC-5 TABLE OF CONTENTS VOLUME 1 Chapter 1 ESTATE PLANNING § 1.1 INTRODUCTION § 1.2 THE CLIENT § 1.3 INITIAL MEETING/CHOOSING THE PLAN § 1.3.1—“Simple” or “Nontrust” Wills § 1.3.2—Wills with Contingent Trusts § 1.3.3—Disclaimer Wills § 1.3.4—Marital Deduction Wills § 1.3.5—Revocable Trusts § 1.3.6—Further Tax Planning § 1.3.7—Farm and Ranch Issues § 1.3.8—Transfer Tax Issues for Non–U.S. Citizens § 1.3.9—Community Property § 1.3.10—Digital Assets § 1.4 PLANNING FOR INCAPACITY § 1.5 USE OF FORMS § 1.6 FOLLOW-UP AFTER THE DOCUMENTS ARE SIGNED § 1.7 CONTINUING REPRESENTATION Chapter 2 ETHICAL ISSUES IN ESTATE PLANNING § 2.1 GENERAL § 2.1.1—The Colorado Rules of Professional Conduct § 2.1.2—Application to Estate Planning Practice § 2.2 SELECTED RULES § 2.2.1—Competence — Rule 1.1 § 2.2.2—Scope — Rule 1.2 § 2.2.3—Diligence — Rule 1.3 (12/17) TOC-7 Orange Book Handbook: Colorado Estate Planning Handbook § 2.2.4—Communication — Rule 1.4 § 2.2.5—Fees — Rule 1.5 § 2.2.6—Confidentiality of Information — Rule 1.6 § 2.2.7—Conflict of Interest: General Rule — Rule 1.7 § 2.2.8—Conflict of Interest: Business Transactions with Clients — Rule 1.8(a) § 2.2.9—Conflict of Interest: Client Gifts to the Lawyer — Rule 1.8(c) § 2.2.10—Conflict of Interest: Payment of Fees by Non-client — Rule 1.8(f) § 2.2.11—Conflict of Interest: Former Client — Rule 1.9 § 2.2.12—Organization as Client — Rule 1.13 § 2.2.13—Client with Diminished Capacity — Rule 1.14 § 2.2.14—Safekeeping Property § 2.2.15—Advisor — Rule 2.1 § 2.2.16—Truthfulness in Statements to Others — Rule 4.1 § 2.2.17—Dealing with Unrepresented Person — Rule 4.3 § 2.3 COMMON PRACTICE SITUATIONS § 2.3.1—Representing a Married Couple § 2.3.2—Family Member (or Third Party) Pressures and Undue Influence § 2.3.3—Strict Privity and Non-client Malpractice Claims § 2.3.4—Complex Estates and the Client Request for a “Simple Will” § 2.3.5—Relations with Referral Sources § 2.3.6—Fees Paid by One Other than the Client § 2.3.7—Representing Business Entities and Owners § 2.3.8—Payment of Fee with Property § 2.3.9—Lawyer Serving as Fiduciary for Client § 2.3.10—Marital Agreements and Conflicts Inherent in Prenuptial Agreements § 2.3.11—Client Divorce and File Separation Chapter 3 ENGAGEMENT LETTERS § 3.1 INTRODUCTION § 3.2 IDENTITY OF THE CLIENT § 3.3 FEES AND COSTS § 3.3.1—Regular Representation § 3.3.2—Reasonable Fees § 3.3.3—Change in Basis or Rate of Fee § 3.3.4—Other Charges § 3.3.5—Flat Fees TOC-8 (12/17) Table of Contents § 3.3.6—Retainers § 3.3.7—Fees Paid by Someone Other than Client § 3.3.8—Collection of Fees § 3.4 DISCLOSURE TO THIRD PARTIES § 3.4.1—What Is the Attorney-Client Privilege? § 3.4.2—Is Attorney-Client Privilege Waived for Discussions with Other Advisors? § 3.4.3—Is Attorney-Client Privilege Waived for Discussions with Family Members? § 3.4.4—Suggested Language § 3.5 LIMITING THE SCOPE OF ENGAGEMENT § 3.6 REPRESENTING MULTIPLE CLIENTS § 3.6.1—Separate versus Joint Representation § 3.6.2—Confidentiality § 3.6.3—Conflicts of Interest § 3.6.4—Representing Spouses or Partners in a Civil Union Jointly § 3.6.5—Representing Multiple Family Members § 3.6.6—Representing Testator and Beneficiary of Testator’s Estate § 3.6.7—Former Clients § 3.6.8—Continuing to Represent a Client After Withdrawing from Joint Representation § 3.6.9—Representing Clients After Dissolution § 3.6.10—Representation of One Client After the Death of the Other Joint Client § 3.7 REPRESENTING DISABLED INDIVIDUALS § 3.8 TERMINATION OF REPRESENTATION Chapter 4 NONPROBATE TRANSFERS § 4.1 INTRODUCTION § 4.2 NONPROBATE TRANSFERS IN GENERAL § 4.3 PLANNING WITH PROBATE AND NONPROBATE TRANSFERS § 4.3.1—Advantages of Probate Transfers § 4.3.2—Advantages of Nonprobate Transfers § 4.3.3—Rules of Construction (12/17) TOC-9 Orange Book Handbook: Colorado Estate Planning Handbook § 4.4 SPECIFIC NONPROBATE TRANSFERS § 4.4.1—Gifts Causa Mortis § 4.4.2—Unrecorded Deeds § 4.4.3—Beneficiary Deeds § 4.4.4—Vehicle Beneficiary Designation Form § 4.4.5—U.S. Savings Bonds § 4.4.6—Collection of Personal Property by Affidavit § 4.4.7—Nonprobate Transfers on Death (Article 15, CPC) Chapter 5 JOINT TENANCY § 5.1 CREATION OF JOINT TENANCY § 5.1.1—Definition § 5.1.2—Subject Matter § 5.1.3—Creation of Joint Tenancy § 5.1.4—Gift Tax Consequences of Creation § 5.2 TERMINATION OF JOINT TENANCY § 5.2.1—In General § 5.2.2—Case Law Regarding Termination § 5.2.3—Termination by Unilateral or Self-Conveyance § 5.2.4—Gift Tax Consequences of Termination § 5.2.5—Federal Estate Tax § 5.2.6—Income Tax Implications § 5.2.7—Simultaneous Death § 5.3 ADVANTAGES OF JOINT TENANCY § 5.3.1—Non-Tax Advantages § 5.3.2—Income Tax Advantage § 5.4 DISADVANTAGES OF JOINT TENANCY § 5.4.1—Non-Tax Disadvantages § 5.4.2—Tax Disadvantages § 5.5 ESTATE PLANNING § 5.5.1—When to Use Joint Tenancy § 5.5.2—When Not to Use Joint Tenancy § 5.5.3—Severance § 5.5.4—Disclaimer § 5.5.5—Conclusion TOC-10 (12/17) Table of Contents Chapter 6 INTER VIVOS GIFTS § 6.1 REASONS FOR MAKING GIFTS § 6.1.1—Tax Considerations § 6.1.2—Other Motives § 6.2 FEDERAL GIFT AND ESTATE TAX IMPLICATIONS § 6.2.1—Transfers to Which Gift Tax Is Applicable § 6.2.2—Transfers Within Three Years Prior to Death § 6.2.3—Unified Credit § 6.2.4—Exclusions § 6.2.5—Marital Deduction § 6.2.6—Gift Splitting § 6.2.7—Rates of Tax § 6.2.8—Powers of Appointment § 6.2.9—Joint Tenancies § 6.2.10—Gifts to Minors — Uniform Transfers to Minors Act § 6.2.11—A Comment About Income Taxes § 6.3 FEDERAL GIFT TAX IMPLICATIONS — I.R.C.
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