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Do I have to worry about estate taxes?

Fortunately, most of us no longer have to worry about having to pay estate or inheritance tax in Colorado. This is because in 2015 your taxable estate has to be over $5,430,000 before there is any estate tax assessed. Also, Colorado abolished the inheritance tax many years ago and even though there is a Colorado estate tax, it is not collected because of wording in the statute. The only estate tax that we have to worry about on a person’s death is the federal estate tax.

Also, remember, if the estate plan is structured properly, a husband and wife can leave $10,860,000 without paying any estate tax. Since many people have wills and trusts that were drafted to deal with the old, much lower, federal tax exemption amounts it behooves everyone who has not had his or her will or trust reviewed in the past 2 years to contact your attorney to have it reviewed.