Most people are familiar with the basic needs of an estate plan: Will, Revocable Living Trust, Durable Power of Attorney and a Living Will or Health Care Power of Attorney. But high net worth estate planning requires individuals to also ensure that their estate plans are sophisticated and thorough enough to protect larger assets like […]
With the expected gift tax changes looming on the horizon, many clients are looking at ways to restructure estate plans to avoid estate and gift taxes. In this post, we’ll look at a few estate planning gifting strategies to consider: Family Trusts, Gifting Plans, Life Insurance Trusts, Grantor Retained Annuity Trusts (GRATS), and Spousal Limited […]
Colorado statewide property tax bills brought some unwelcome surprises to mailboxes in May 2023, with some property owners seeing tax increases as high as 65 percent in response to a recent spike in home values. This resulted in a record number of appeals flooding assessor’s offices throughout the state, prompting a new proposal (Proposition HH) […]
The estate and gift tax exemption amount (currently $12.92 million per individual and $25.84 million for married couples) reverts to its pre-2018 levels (adjusted for inflation), if Congress fails to act prior to December 31, 2025. Projections vary, but it is estimated that the 2026 estate and gift tax exemption could be as low […]
While most people don’t get excited about the idea of estate planning or setting up wills and trusts, it’s an important task that’s better started sooner rather than later, especially given the common complexities of finances and family dynamics. Having an estate plan in place ensures your property and assets are distributed according to your […]
Hackstaff, Snow, Atkinson & Griess, LLC is proud to announce that Jim Hackstaff and John Snow are chairing Denver Over the Edge for the 10th consecutive year! This annual event raises funds and awareness for the Cancer League of Colorado, a 100% volunteer organization that provides grant funding for cancer research and patient care. This […]
A severance agreement is essentially a contract between an employer and an employee that outlines the terms and responsibilities for both parties, as well as the potential compensation package that would come into play if an employee loses their job through a layoff or other situation. Typically, severance agreements cover wages, COBRA insurance extended coverage, […]
In August 2022, significant changes to Colorado’s non-compete and restrictive covenants became effective with the Restrictive Employments Agreement Act. In a nutshell, the new statute made it much more difficult for employers to enforce non-compete agreements unless a worker earns over a certain salary and has true access to trade secrets and could use those […]
The Colorado Protecting Opportunities and Workers’ Rights Act (POWR) was signed into law on June 6, 2023 and takes effect on August 7, 2023. The new law makes several important changes to employment and harassment laws by redefining the standard for harassment claims, tightening requirements on non-disclosure agreements, protects marital status and enacts new requirements […]
As of January 1, 2023, Colorado joined a growing list of states requiring employers to sponsor a qualified retirement savings plan or to participate in a state-sponsored program. Known as the Colorado SecureSavings Program, the law requires all private-sector employers with five or more employees to comply. The final deadline for compliance is June 30, […]
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