COLORADO ESTATE PLANNING HANDBOOK

Transcription

1 Orange Book Handbook COLORADO ESTATE PLANNING HANDBOOK SIXTH EDITION VOLUME 1 h DAVID K. JOHNS JULIA GRIFFITH MCVEY CONSTANCE B. WOOD A joint project of the Trust and Estate Section of the Colorado Bar Association and Continuing Legal Education in Colorado, Inc. Supplemented September 2011 November 2012 CONTINUING LEGAL EDUCATION IN COLORADO, INC. COLORADO BAR ASSOCIATION DENVER BAR ASSOCIATION 2012

2 ABOUT THE MANAGING EDITORS David K. Johns, Esq. Johns & Associates, LLC 949 F St. Salida, CO [email protected] Chapter 7 Principles of Wills David Johns is a part-time practitioner with the law firm of Johns & Associates, LLC, and adjunct professor of law at the University of Denver Sturm College of Law. A native of Denver, he received his undergraduate degree at the University of Colorado (1983) and his law degree from the University of Denver (1990). Mr. Johns is the author of numerous articles and has lectured to attorneys on estate planning issues at local, state, and national conferences. He is a member of the Trust and Estate Section of the Colorado Bar Association and a member of the Bar of the Supreme Court of the United States. Mr. Johns is also editor of The Green Book: Selected Colorado Materials on Wills, Estates, Trusts and Taxes. Julia Griffith McVey, Esq. The Law Office of Julia Griffith McVey, P.C W. Colfax Ave., Ste. C-400 Lakewood, CO [email protected] Julia Griffith McVey graduated from the University of Colorado-Boulder and received her law degree from the University of Denver College of Law in Mrs. McVey practices in the areas of estate planning and probate administration. She is a member of the Denver and Colorado Bar Associations, the Centennial Estate Planning Council, and the Rocky Mountain Estate Planning Council, where she was a past president. Additionally, Mrs. McVey has been active in committee work on behalf of the Probate and Trust Law Section of the Colorado Bar Association. She has made numerous presentations for CBA Continuing Legal Education in the area of estate planning and probate administration. She is currently co-editor of the Trust and Estate Section s Council Notes. She co-authored an article for The Colorado Lawyer entitled Marital Agreements in Colorado, published in February She has been an attorney on the AARP Legal Services Network since (11/12) vii

3 Colorado Estate Planning Handbook Constance B. Wood, Esq. Constance Beck Wood LLC 1866 Vine St. Denver, CO Constance Beck Wood practices in the areas of estate planning, probate, and represents several non-profit organizations. She received her Juris Doctor degree from the University of Colorado and Masters of Laws in Taxation from the University of Denver. Ms. Wood is a member of the Colorado, Denver, and Georgia Bar Associations. She has an AV rating with Martindale-Hubbell and has been selected as one of the Best Lawyers in Denver and a Colorado Super Lawyer. Ms. Wood has served the Trust and Estate Section of the Colorado Bar Association as chair, vice-chair, and secretary/treasurer, chair of the Statutory Revisions Committee, council member and co-editor of the Council Notes for the Section. She has been a lecturer at numerous continuing legal education programs and has been chair of the continuing legal education programs for the Section. Ms. Wood is a Fellow of the American College of Trust and Estate Counsel. viii (11/12)

4 ABOUT THE AUTHORS Stephen M. Brainerd, Esq. Davis Graham & Stubbs LLP th St., Ste. 500 Denver, CO Chapter 36 Multi-Jurisdictional Matters Steve Brainerd is a partner in Davis Graham & Stubbs LLP s Income Tax, Employee Benefits & Estates Group. His practice is limited to estate planning/administration and related transfer tax matters; fiduciary counseling and risk management; and probate litigation and protective proceedings. Mr. Brainerd has served as an adjunct professor of trusts and estates law at the University of Denver College of Law. He is a Fellow of the American College of Trust and Estate Counsel; a past chair of the Colorado Bar Association Trust and Estate Section Council and a member of its Statutory Revisions Committee; and a faculty lecturer for both national and Colorado CLE programs. Mr. Brainerd is a 1986 graduate of American University s Washington College of Law (J.D.) and a 1982 honors graduate of Colgate University (B.A., Philosophy). Jessica L. Broderick, Esq. Sherman & Howard L.L.C th St., Ste Denver, CO [email protected] Chapter 23 Powers of Appointment Jessica Broderick is an associate at Sherman & Howard L.L.C., practicing in the areas of wealth transfer planning, estate and trust administration, and associated business and marital planning. She was a co-author with Gregory T. Densen and Taylor M. Dix of Decanting in Colorado: Nothing to Wine About, published in the CBA Trust and Estate Member Newsletter on June 15, 2009, and was a member of the Decanting Subcommittee of the CBA Trusts and Estates Statutory Revisions Committee. Ms. Broderick is a member of the Rocky Mountain Estate Planning Council and the Colorado and Denver bar associations. She graduated in 2008 from the University of Colorado School of Law, where she served as a production editor for the University of Colorado Law Review. (11/12) ix

5 Colorado Estate Planning Handbook Edward D. Brown, Esq. Engel & Reiman pc The Equitable Building th St., Ste. 500 Denver, CO Chapter 16 Irrevocable Trusts Edward D. Brown, a principal in the firm of Engel & Reiman pc, received his Bachelor of Arts in Finance and Accounting, cum laude, from West Virginia University in 1981; his Juris Doctor from the University of Denver in 1984; and his Master of Laws in Taxation from the University of Denver in He is also a certified public accountant. Mr. Brown specializes in business transactions and planning, taxation, and estate planning. He has authored numerous articles on a variety of legal topics in publications such as the Journal of Taxation, Asset Protection Journal, The Colorado Lawyer, and the Journal of International Taxation. He is also co-author of the Second Edition of the CCH s Asset Protection Planning Guide, and a contributing author to Asset Protection Strategies, published by the American Bar Association. Mr. Brown is admitted to practice law in Colorado and is a member of the American Bar Association, the Colorado Bar Association, and the Denver Bar Association. Elizabeth A. Bryant, Esq. Elizabeth A. Bryant, P.C Vine St. Denver, CO [email protected] Chapter 10 Non-Traditional Families Elizabeth Bryant practices in the areas of estate planning, probate, small business formation, and real property. Ms. Bryant received her law degree from the University of Denver College of Law in 1990, where she was general and technical editor of the Denver University Law Review. She is a member of the Colorado, Denver, Colorado Women s, and Colorado GLBT bar associations. She is a current appointee on the Colorado Supreme Court s Unauthorized Practice of Law Committee. She is a Fellow in the American College of Trust and Estate Counsel and is a member of the Women s Estate Planning Council. She is a frequent presenter on the topic of estate planning for non-traditional families. Ms. Bryant is active in the Trust and Estate Section of the Colorado Bar Association. She has also been active in civic endeavors and has served on the Board of Trustees of The Women s Foundation of Colorado and the Alexander Foundation. She was a founding director of the Denver Metropolitan Affiliate of the Susan G. Komen Breast Cancer Foundation. x (11/12)

6 About the Authors James W. Buchanan III, Esq. Buchanan & Stouffer, PC 141 Union Blvd., Ste. 300 Lakewood, CO Chapter 14 Revocable Trusts Jim Buchanan received his undergraduate, law, and Master of Laws in Taxation degrees from the University of Denver. He is a Fellow of the American College of Trust and Estate Counsel, an Academician of the International Academy of Estate and Trust Law, a non-securities industry member of the Board of Arbitrators of the National Association of Securities Dealers, has taught trusts and estates at the University of Denver College of Law, and is listed in Best Lawyers in America. Throughout his legal career of more than three decades, presently as a member of the Lakewood law firm of Buchanan & Stouffer, Mr. Buchanan has focused his practice on personal estate and closely held business planning, primarily for entrepreneurs. He is one of the authors of the Colorado Estate Planning Forms book prepared by the Estate Planning Forms Committee of the Trust and Estate Section of the Colorado Bar Association, of which he is former co-chair. C. Elaine Carleton, Esq. Carleton Gotlin Law PC 1580 Lincoln St., Ste Denver, CO [email protected] Chapter 47 Basics of Oil and Gas C. Elaine Carleton is a Denver-based attorney who is licensed in Colorado and Texas. Her practice primarily focuses on the upstream side of oil and gas development. She has extensive business and legal experience in all aspects of the oil and gas industry, including acquisition/divestment, exploration, development, marketing, and transportation. With almost 30 years of practical experience, she has developed a practice that emphasizes her background in title examination, drafting, reviewing, and negotiating oil and gas industry contracts for drilling, development, exploration, and transportation. Elaine administers and directs the resolution of various legal issues relating to exploration and drilling, including surface and mineral owner conflicts, title defects, and oil and gas transactional issues. Originally from Midland, Texas, Elaine received a BBA from the University of Texas with an emphasis in Petroleum Land Management. For 10 years she worked for ARCO Oil & Gas Company in various capacities, including landman, crude oil marketer, land administrator, and project coordinator for development of a gas/oil marketing system. In 1991, Elaine relocated to Denver to attend law school at the University of Denver while working for Apache Corporation, Basin Exploration, Inc., and (11/12) xi

7 Colorado Estate Planning Handbook Amoco Production Company in Denver. In 1995, she received her J.D. and was admitted to practice in Colorado, and in May 1996, she was admitted to practice law in Texas. Elaine was the managing partner of Akers & Carleton, LLC for nine years before starting Carleton Law Firm LLC in Elaine is now the managing partner of Carleton Gotlin Law PC. Elaine currently serves as a member of the Rocky Mountain Mineral Law Foundation Special Institutes Committee; has served as president and secretary of the Denver Association of Oil and Gas Title Lawyers; as the chair of the Legal and Legislative Committee for the Denver Association of Petroleum Landmen; and as a board member and the president of the Women s Estate Planning Council. Kelly Dickson Cooper, Esq. Holland & Hart LLP th St., Ste Denver, CO [email protected] Chapter 26 Drafting and Interpretation of Discretionary Distribution Standards Chapter 49 Contests and Disputes in Estate and Trust Proceedings Kelly Dickson Cooper concentrates her practice in virtually all areas of trusts and estates law, including probate, trust, estate, and gift tax; fiduciary-related litigation; estate and trust administration; appeals; and estate planning. As a partner in the Fiduciary Solutions group, her practice includes the representation of corporate fiduciaries, individual fiduciaries, heirs, beneficiaries, and creditors in the resolution of probate and trust-related disputes through mediation, arbitration, and litigation. Specifically, this includes disputes involving fiduciary misconduct, spousal rights, interpretation of wills and trusts, distributions to beneficiaries, will contests, fiduciary compensation, and disputes in which fraud, undue influence, and lack of capacity are at issue. Ms. Cooper has been honored as one of the Best Lawyers in America, and as a Rising Star by Colorado Super Lawyers in 2010 and 2011 for Estate and Trust Litigation. Ms. Cooper served as a judicial intern for the Honorable C. Jean Stewart (retired) of the Denver Probate Court. She earned her J.D. from the University of Colorado School of Law in 2002 and her B.S. in Journalism from Kansas State University in She is admitted to practice before the Supreme Court of Colorado, the U.S. District Court for the District of Colorado, and the U.S. Tax Court. xii (11/12)

8 About the Authors Spencer J. Crona, Esq. Brown & Hulbert, LLC 7900 E. Union Ave., Ste Denver, CO Chapter 50 Intent and Reformation: Will Form Thwart Substance? Spencer J. Crona practices principally in the areas of probate, estate and trust litigation, and administration; probate review of personal injury settlements; and conservatorship/guardianship. A Denver native, Spencer graduated from the University of Denver in 1979, received his juris doctorate from the University of Denver College of Law in June 1989, and was admitted to practice before the courts of Colorado in October In 1990, he was admitted to practice before the U.S. District Court for the District of Colorado and the U.S. Court of Appeals for the Tenth Circuit. A fellow of the American College of Trust and Estate Counsel, Spencer is Martindale-Hubbell AV-rated and a member of the Colorado and Denver bar associations, the CBA Trust and Estate Section, and the CBA Elder Law Section. He served as secretary/treasurer for the CBA Trust and Estate Section Executive Council and serves as its chair. Over the past 20 years, he has served as a faculty member for numerous continuing legal education seminars, including particularly at the annual CBA/CLE Estate Planning Retreat and Elder Law Retreat, and has published articles in professional journals and news media on probate litigation and a variety of public-policy issues. An M.A. journalism graduate of the University of Missouri, Spencer worked as a daily newspaper reporter and editor for seven years prior to attending law school, covering various issues including energy, higher education, national security, agriculture, and the 1984 presidential campaign. Nancy R. Crow, Esq. Pendleton, Wilson, Hennessey & Crow, P.C Lawrence St., 10th Floor Denver, CO [email protected] Chapter 39 Allocation of Estate and GST Taxes Nancy R. Crow is a director and shareholder with Pendleton, Friedberg, Wilson & Hennessey, P.C., where she practices in the areas of tax planning, estate planning, employee benefits, and probate. Ms. Crow s clients include closely held businesses, professional associations, nonprofit organizations, retirement funds, and individuals who require assistance with providing for their loved ones upon death or disability. (11/12) xiii

9 Colorado Estate Planning Handbook Ms. Crow received her B.A. in Sociology from Antioch College, Yellow Springs, Ohio in 1970 and served as president of the Antioch College Alumni Association from She received her J.D. in 1974 from the University of Colorado School of Law, Boulder, Colorado, where she was awarded the Order of the Coif, and an LL.M. in Taxation from New York University Graduate School of Law in Her professional activities include service for the Colorado Bar Association as a member of the Executive Council, secretary-treasurer, vice-chair, and chair of the Section of Taxation; as a member of the Board of Editors for The Colorado Lawyer; and as column editor of the Trust and Estate Law column for The Colorado Lawyer. She is a Fellow of the American College of Trust and Estate Counsel. Ms. Crow s other publications include the chapters on Wills, Estate Planning, Estate Administration, and Trusts for Colorado Methods of Practice (Thomson West, 5th Ed. 2008) and numerous articles for The Colorado Lawyer, Colorado Real Estate Journal, and Medical Group Management Association Journal. Barbara Ann Dalvano, Esq E. 17th Ave., Ste Denver, CO [email protected] Chapter 43 Advanced Estate Planning Techniques Barbara Ann Dalvano maintains a private law practice in Denver and Colorado Springs emphasizing estate and trust planning and administration, business succession planning, taxation, and general commercial and business transactions. She earned her undergraduate degree from Villanova University, Pennsylvania; her law degree from T.C. Williams School of Law, University of Richmond, Virginia; and her Master of Laws in Taxation degree from Georgetown University, Washington, D.C. Ms. Dalvano is a member of the Denver and Colorado bar associations and the Rocky Mountain Estate Planning Council. She has served the Trust and Estate Section of the Colorado Bar Association as chair, vice-chair, and secretary/treasurer, as well as council member. Ms. Dalvano has also served as chair of the Estate Planning (Orange Book) Forms Committee for the Section and as a member of the Uniform Estate Tax Apportionment subcommittee of the Statutory Revisions Committee. Ms. Dalvano continues to participate on both the Estate Planning Forms Committee and the Statutory Revisions Committee. Ms. Dalvano is a Fellow of the American College of Trust and Estate Counsel (ACTEC) and is a member of the ACTEC Estate and Gift and Fiduciary Income Tax Committees. She is also a Fellow of the Colorado Bar Foundation. Ms. Dalvano is listed in Best Lawyers in America and as a Colorado Super Lawyer. xiv (11/12)

10 About the Authors Bruce E. Deacon, Esq. Norton, Smith & Keane, P.C th St., Ste. 500 Denver, CO Chapter 22 Real Property Bruce E. Deacon has been in private practice in Denver since He is Of Counsel at Norton, Smith & Keane, P.C. Mr. Deacon s law practice is focused on real estate, estate planning, estate and gift tax, and probate administration. He is a member of the CBA Real Estate Law Section and Taxation Law Section, as well as the CBA Trust and Estate Section. For five years, Mr. Deacon served as the liaison from the Trust and Estate Section to the Real Estate Law Section. In addition, he has been the president of the Greater Denver Tax Counsel Association and The City Club of Denver. Mr. Deacon has made presentations on real estate aspects of estate administration and estate planning at CLE courses and the Estate Planning Retreat. In 2009, the Trust and Estate Section awarded Mr. Deacon the first R. Sterling Ambler Award for outstanding contribution to the Trust and Estate practice in the State of Colorado. Mr. Deacon has earned a bachelor s degree at the University of Virginia, a J.D., cum laude, at the Syracuse University College of Law, and an LL.M. in Taxation at the University of Denver. Gregory T. Densen, Esq. Sherman & Howard L.L.C th St., Ste Denver, CO [email protected] Chapter 23 Powers of Appointment Gregory T. Densen joined Sherman & Howard in 1998, and is a Member in Sherman & Howard s Estate Planning and Administration Group. Greg s expertise is in family business succession and related high net worth estate planning and estate administration GRATs/Sales to Grantor Trusts, family limited partnerships, IRS controversy, and court actions to resolve family conflict. Greg graduated from Washington University in St. Louis in 1994 and from the University of Iowa with a JD/MBA in He has taught numerous courses for the Colorado Society of CPAs and presented at a variety of estate planning seminars. Recently, Greg has led efforts to bring a decanting statute to Colorado, coauthoring Decanting in Colorado: Nothing to Wine About, CBA Trust and Estate Member Newsletter, June 15, 2009, and chairing the Decanting Subcommittee of the CBA Trusts and Estates Statutory Revisions Committee. (11/12) xv

11 Colorado Estate Planning Handbook Constance Tromble Eyster, Esq. Hutchinson Black and Cook, LLC 921 Walnut St., Ste. 200 Boulder, CO Chapter 4 Engagement Letters Connie Tromble Eyster, Esq. is a member of Hutchinson Black and Cook, LLC in Boulder. Her practice focuses on estate planning as well as probate and trust administration. She has represented a wide variety of individuals with their gifting, charitable contributions, marital agreements, wills, trusts, and other estate planning concerns. She also assists families with the administration of guardianships, conservatorships, and decedents estates. Connie is a Fellow of the American College of Trust and Estate Counsel and has taught the Wills and Trusts course at the University of Colorado School of Law as an adjunct professor. She has served as chair of the Statutory Revisions Committee for the Trust and Estate Section of the Colorado Bar Association and as the vice chair of the Section. Josie M. Faix, Esq. Wade Ash Woods Hill & Farley, P.C. 360 S. Monroe St., Ste. 400 Denver, CO [email protected] Chapter 8 Nonprobate Transfers Josie M. Faix is a senior associate with Wade Ash Woods Hill & Farley, P.C., where her practice focuses on estate planning, estate and trust administration, and protective proceedings. Ms. Faix received her law degree from Georgetown University Law Center in Ms. Faix is active in the Trust and Estate Section of the Colorado Bar Association and is a member of the Statutory Revisions Subcommittee and the Orange Book Forms Subcommittee. She is a member of the Colorado Bar Association and the Denver Bar Association. xvi (11/12)

12 About the Authors Shane D. Fleener, Esq. Carleton Gotlin Law PC 1580 Lincoln St., Ste Denver, CO Chapter 47 Basics of Oil and Gas Originally from Bettendorf, Iowa, Shane D. Fleener, Esq. attended Northwestern University in Evanston, Illinois, where he obtained his B.A. in speech in He worked for two years in the marketing department of Vail Resorts Management Company before returning to Chicago, where he attended Loyola University of Chicago School of Law and received his J.D. with honors in Shane began his legal career as an associate with Kelley Drye & Warren, LLP in Chicago. While there he represented corporate telecommunications clients in administrative proceedings before the Illinois Commerce Commission. In 2006, he relocated to Denver to practice with the law offices of McKenzie, Rhody & Hearn, LLP, a boutique firm engaged in complex construction defect litigation. While there, Shane successfully represented numerous clients in federal and state courts and at the district and appellate court level. He has been a presenter at CLE courses and before industry groups. Shane joined Carleton Gotlin Law PC in He is admitted to practice law in Colorado, Illinois, the U.S. District Court for the District of Colorado, and the U.S. District Court for the Northern District of Illinois. He is a member of the Colorado Bar Association, Denver Bar Association, Denver Association of Oil and Gas Title Lawyers, and American Bar Association. Bruce A. Fowler, Esq. Fairfield and Woods, P.C Lincoln St., Ste Denver, CO [email protected] Chapter 17 Irrevocable Life Insurance Trusts Bruce A. Fowler, Esq. chairs the Wealth Transfer Group at Fairfield and Woods, where he focuses his practice on family wealth and succession planning. He is listed in the Best Lawyers in the practice areas of Trust & Estates, Litigation Trust & Estates, and Tax Law. He aids his clients in defining and implementing family wealth transfer goals; structuring estates in a manner that minimizes the estate tax impact and maximizes asset protection; and transferring family-owned and closely held businesses in a tax-efficient manner. Bruce helps many of his clients implement their philanthropic goals, and represents several large family foundations. He also provides advice to beneficiaries and trustees regarding their rights and responsibilities, and is experienced in probate and litigation proceedings. (11/12) xvii

13 Colorado Estate Planning Handbook Bruce is very active in the Denver community. He was awarded the Philanthropic Leadership Award by the Denver Foundation and has graduated from the Leadership Denver program. He serves on the board for the Kempe Foundation, where he chairs the Planned Giving Committee. He is also the chair of the Board for Friends of the Chain Foundation, an organization that supports an orphanage for blind children in Uganda, and he serves on the board for the Riverfront Park Community Foundation. He is Chair Emeritus for PlatteForum, which is an arts education organization that won the Mayor s Award for Excellence in the Arts in Susan Fox, J.D., M.A. 152 Paradise Rd. Golden, CO [email protected] Chapter 14 Revocable Trusts Susan Fox earned her law degree at the University of Texas and recently completed a Masters Degree in Bioethics in Europe. Ms. Buchanan was actively involved in the development of the Colorado Patient Autonomy Act and in the implementation of medical advance directives in Colorado. Her private practice concentrates on end-of-life health-care planning, personalized trail map directives, and unique health-care situations involving disabled persons. She has worked extensively with physicians, chaplains, and ethics committees in the Denver area on numerous end-of-life matters, and she confers frequently with hospices and nonprofit organizations on projects and policies involving patients rights, do-not-resuscitate orders, advance directives, and related issues. She has served as adjunct faculty at the University of Denver College of Law, and as an instructor in bioethics at Regis University. M. Carl Glatstein, Esq. Glatstein & O Brien LLP 2696 S. Colorado Blvd., Ste. 350 Denver, CO [email protected] Chapter 46 Protected Persons M. Carl Glatstein is a partner in the Denver law firm, Glatstein & O Brien LLP, practicing primarily in the field of elder law. He served as co-chair for the Colorado Bar Association (CBA) Joint Subcommittee on the Uniform Guardianship and Protective Proceedings Act ( ), and chairs the Civic and Community Affairs Committee, which coordinates Senior Law Day and CBA-CLE s Colorado Senior Law Handbook. He is also a member of the CBA Elder Law Section (co-chair , council member) and the Trust and Estate Section. He is a member of the National Academy of Elder Law Attorneys, the American College of Trust & Estate Counsel, the Denver Community Bioethics Committee (chair ), the Adams County Community Adult Protection Team, the xviii (11/12)

14 About the Authors Guardianship Alliance of Colorado, the Colorado Guardianship Association, and the National Guardianship Association. He is adjunct faculty at the University of Denver Sturm College of Law, teaching elder law since Mr. Glatstein co-authored Colorado Guardianship and Conservatorship Law and Practice (Bradford Publishing 2006). He authored Highlights of Colorado s New Guardianship and Conservatorship Law, 30 Colo. Law. 5 (Jan. 2001) and revises Guardianships in Krendl, Colorado Methods of Practice (West Group ). His materials have been used in training and resource manuals by state and county social services and law enforcement agencies, as well as numerous continuing legal education programs. He is a frequent lecturer on elder law topics, including guardianships and conservatorships, Medicaid issues, and exploitation of the elderly. Jessica C. Greene, Esq. Wiegand - Attorneys & Counselors, LLC 280 E. 20th Ave. Denver, CO [email protected] Chapter 40 Estate Tax Marital Deduction Jessica Greene practices in the areas of estate planning, probate, small business formation, and taxation. Ms. Greene received her Bachelor of Arts, cum laude, from the University of California at Santa Cruz and received her J.D. from the University of Denver Sturm College of Law. While attending the University of Denver, Ms. Greene served as a staff editor for the University of Denver Law Review. She is a member of the American, Colorado, and Denver bar associations and is active in the Trust and Estate Section of the Colorado Bar Association. Susan R. Harris, Esq. Susan R. Harris & Associates, LLC 5600 Greenwood Plaza Blvd., Ste. 255 Greenwood Village, CO [email protected] Chapter 24 Fiduciaries Chapter 39 Allocation of Estate and GST Taxes Chapter 41 Generation-Skipping Transfer Tax Strategies and Techniques Chapter 43 Advanced Estate Planning Techniques Susan R. Harris is in private practice in Greenwood Village, Colorado, at Susan R. Harris & Associates, LLC. She practices in the areas of estate planning, probate and trust law, and estate, gift, and generation-skipping taxation. She received her B.A. summa cum laude in 1979, and her J.D. in 1982 from the University of Denver, where she was managing editor of the Denver Law Journal. (11/12) xix

15 Colorado Estate Planning Handbook Ms. Harris is a member of the Trust and Estate Section of the Colorado and American bar associations. She has been a Fellow of the American College of Trust and Estate Counsel since She has served on the Board of Governors and the Trust and Estate Council of the Colorado Bar Association. Ms. Harris has lectured on topics relating to estate and trust planning and administration and has authored a number of articles on probate and estate planning issues. She has taught at the University of Denver College of Law as a lecturer at law in Wills and Trusts. Bette Heller, Esq. Bette Heller, P.C E. Euclid Dr. Centennial, CO [email protected] Chapter 15 Joint Revocable Trusts Bette Heller is in private practice with offices in both Centennial and Englewood. Her practice is limited to estate planning, estate and trust administration, probate, and Medicaid planning. Ms. Heller received her Juris Doctor degree from the University of Denver College of Law in As a member of the Colorado Bar Association, Ms. Heller has been a voting member of the Trust and Estate Section Council, and a member of the Elder Law Section. She has also been an active member of the Statutory Revisions Committee since 1984, and has served as its co-chair, chair, and legislative liaison. She was involved in the drafting and passage of the Colorado Probate Code II, which became effective on July 1, 1995, and is the author of the Colorado Pets Trust Statute. Ms. Heller has also been a board member and is the current president of the Aurora Bar Association; a current member of the Arapahoe County Bar Association; and a past member of the Denver Bar Association, the Douglas/Elbert County Bar Association, the Centennial Estate Planning Council, and the Douglas County Seniors Council. Ms. Heller has authored several articles on legal issues for both the legal community and the general public, including The Colorado Lawyer. She has been a lecturer at a number of continuing legal education programs, and for Senior Law Day. xx (11/12)

16 About the Authors Laura S. Hundley, Esq. Holland & Hart LLP 1800 Broadway, Ste. 300 Boulder, CO Chapter 45 Grantor Retained Annuity Trusts Laura Hundley is a partner at Holland & Hart LLP, in Boulder. She is the leader of the firm s Private Client Group. Ms. Hundley focuses her practice on estate and tax planning, wealth transfer planning, and charitable gift planning for high net worth individuals. She is a Fellow of the American College of Trust and Estate Counsel (ACTEC) and is listed in Best Lawyers in America and Colorado Super Lawyers. She serves as vice chair of the Estate and Gift Tax Committee of the American Bar Association Section of Taxation. She is a member of the Rocky Mountain Estate Planning Council, the Trust & Estate Sections of the Colorado and Boulder County Bar Associations, and the Massachusetts Bar Association. She is a frequent speaker, both nationally and locally, on estate and wealth transfer planning topics. Ms. Hundley received her A.B. degree from Harvard College and her J.D. degree from Cornell Law School. Laurie A. Hunter, Esq. Wade Ash Woods Hill & Farley, P.C. 360 S. Monroe St., Ste. 400 Denver, CO [email protected] Chapter 1 Estate Planning Laurie A. Hunter is a shareholder with Wade Ash Woods Hill & Farley, P.C., in Denver, Colorado. She received her J.D. from the University of Denver College of Law in 1981 and has been in private law practice in Denver since then. Ms. Hunter was elected as a Fellow of the American College of Trust and Estate Counsel in Ms. Hunter is active in the Trust and Estate Section of the Colorado Bar Association and is a frequent speaker on trust and estate issues. She was chair of that Section for the fiscal year and was secretary/treasurer in and She was also the chair of the Colorado Estate Planning (Orange Book) Forms Committee in , and she currently serves on the Statutory Revisions Committee. Ms. Hunter also served on the Uniform Trust Code Committee and the Uniform Probate Code II Steering Committee. She is the author of Gifts to Minors, Second Ed. (CLE in Colo., Inc. Supp. 2011), and was editor of The Green Book: Selected Colorado Materials on Wills, Estates, Trusts, and Taxes from 1986 to (11/12) xxi

17 Colorado Estate Planning Handbook James F. Ingraham, Esq. Zisman, Ingraham and Mong, P.C Cherry Creek North Dr., Ste. 650 Denver, CO Chapter 35 Special Use Valuation James F. Ingraham is an attorney and shareholder in the Denver law firm of Zisman, Ingraham and Mong, P.C., and practices in the area of wills, trusts, estate planning, estate and gift taxation, and probate administration. He is a member of the Colorado and American bar associations. He received his law degree from the University of Maryland in 1966 and his undergraduate degree from the University of Colorado in He was admitted to the practice of law in the District of Columbia in 1970 and in Colorado in Prior to entering law practice in 1986, Mr. Ingraham served for 19 years as a tax law specialist and as an estate tax attorney with the Internal Revenue Service in Washington, D.C. and Denver, including 10 years as manager of the Estate and Gift Tax Examination Group in the Denver District Office. He is an active member of the Trust and Estate Section of the Colorado Bar Association and has served as chair of the Trust and Estate Council ( ). He is currently a member of the Orange Book Forms Committee, which publishes Colorado estate planning forms. He is a Fellow of the American College of Trust and Estate Counsel (ACTEC), and has been a frequent lecturer for CLE in Colorado, Inc., on various trust and estate topics. Articles published by Mr. Ingraham include Maximizing Estate Tax Savings with Special Use Valuation, The Colorado Lawyer (July 1987), and The Pure Equity Trust : A Tax Bomb for the Unwary, The Colorado Lawyer (April 1997). He is also a frequent lecturer on the subject of estate planning and transfer taxation, and has covered such topics as The Uses of Trusts in Estate Planning, Special Use Valuation, Generation-Skipping Tax Planning, Ethics in Estate Administration, and IRS Examination of Estate, Gift, and Generation-Skipping Tax Returns. xxii (11/12)

18 About the Authors Erica L. Johnson, Esq. Ambler & Keenan, LLC 950 S. Cherry St., Ste Denver, CO Chapter 10 Non-Traditional Families Erica Johnson is an associate in the law firm of Ambler & Keenan, LLC. She received her B.S. in broadcasting management from Northern Arizona University in She was awarded her Juris Doctor from the University of Denver College of Law. Erica s practice emphasizes estate planning, probate, trust administration, and second parent adoption. She is a member of the American Academy of Estate Planning Attorneys. She has been appointed by the Denver Mayor to the Mayor s GLBT Commission for Her other professional associations include membership in the Denver Bar Association, Trust and Estate Section of the Colorado Bar Association, Colorado Women s Bar Association, Colorado Lesbian and Gay Bar Association, Denver Gay and Lesbian Chamber of Commerce, the National Association of Insurance and Financial Advisors, and the Women s Estate Planning Council. She is a frequent speaker and author on the topic of estate planning for non-traditional families. Erica was awarded the Professional Woman of the Year award from the Denver Gay and Lesbian Chamber of Commerce in She is a Colorado native, born and raised in Littleton. Eric R. Kaplan, Esq. Engel & Reiman pc The Equitable Building th St., Ste. 500 Denver, CO [email protected] Chapter 16 Irrevocable Trusts Eric R. Kaplan is an associate with Engel & Reiman pc, a Denver-based law firm having an international client base and an international reputation for excellence in asset protection planning and integrated estate planning. Eric joined Engel & Reiman pc in March His areas of expertise include estate planning with a view toward the lifetime protection of the estate, offshore planning, conventional domestic estate planning, and international estate planning. Eric received his Bachelor of Arts degree in U.S. history from the State University of New York at Albany in 1995 and his Juris Doctor degree from Quinnipiac University School of Law in He is admitted to practice law in the State of Colorado and is presently a member of the Colorado Bar Association and the Denver Bar Association. (11/12) xxiii

19 Colorado Estate Planning Handbook Eric has co-authored two articles that were published in the Journal of International Taxation, including Incorporating Offshore: Tax and Asset Protection Guide in June 2003 and A Guide to Foreign Irrevocable Life Insurance Trusts in February Other articles that Eric has co-authored include Third-Party Trusts: Tax Benefits and Asset Protection, which was published in the Journal of Financial Planning in November 2007; Recent Developments in Contempt Law Involving Offshore Trusts, which was published in Insights & Strategies in April 2009; You Created a Trust So Now What? which was published in Journal of Practical Estate Planning in June-July 2009; and Domestic Asset Protection Planning Trusts and Implications of the Mortensen Case, published in Insights & Strategies in August Randolph M. Karsh, Esq. Sparks Willson Borges Brandt & Johnson, P.C. 24 S. Weber St., Ste. 400 Colorado Springs, CO [email protected] Chapter 44 Estate, Gift, and Income Taxation of Nonresident/ Noncitizen Alien Individuals Randolph M. Karsh is special tax counsel to the firm of Sparks Willson Borges Brandt & Johnson P.C., where his practice focuses on federal income and transfer tax planning. He has broad experience in foreign and domestic business transactions involving corporations and partnerships, the taxation of investments therein and the operations thereof, and the structuring of foreign investments in the United States. He is fluent in Spanish and spent part of 1994 as special tax counsel to the Mexico City law firm of Barrera, Siqueiros y Torres Landa, S.C. On the domestic front, he counsels businesses in choosing the proper entity for income tax minimization and asset protection, especially the business and tax advantages of operating in noncorporate form; counsels clients regarding effective estate tax and GST planning; counsels clients on asset protection planning; and has organized and served on boards of a number of tax-exempt foundations (both public and private). He is also a member of a number of professional associations, including the American Bar Association Tax Section, and has been actively involved in committee activities and projects, including a recent committee project involving interpretation of the 2010 carryover basis Code provisions and the reporting requirements thereof. Mr. Karsh obtained his J.D. from the University of Denver College of Law, and in 1974 earned a Master of Laws (Taxation) from New York University. xxiv (11/12)

20 About the Authors Donald H. Kelley, Esq. Of Counsel, Kelley Scritsmier & Byrne, PC 3085 Mill Vista Rd., Ste Highlands Ranch, CO Chapter 34 Farm and Ranch Estate Planning Donald H. Kelley received his B.Sc. and LL.B (1952) from the University of Nebraska. He was a partner in Kelley Scritsmier & Byrne, North Platte, Nebraska (to which firm he is presently Of Counsel) and has practiced in Denver since He is a member of the bars of Nebraska (past chair: Probate Section) and Colorado (past chair: Agricultural Law Section). He has served on the governing boards of the American Bar Association Real Property, Trusts and Estates Section and American College of Tax Counsel. He is a past regent (past chair: Technology in the Practice Committee) of the American College of Trust and Estate Counsel, and has served on the Board of Directors of the American Agricultural Law Association. He is the author of The Electronic Practice (Wealth Management Press 2008), and a co-author of Estate Planning for Farmers and Ranchers (ThomsonReuters 2007), Family Business Organizations (ThomsonReuters 2007), and Intuitive Estate Planner Software (ThomsonReuters 1998). Walter M. Kelly II, Esq. Miller & Steiert, P.C W. Littleton Blvd., Ste. 100 Littleton, CO [email protected] Chapter 13 Inter Vivos Trusts Walter M. Kelly II is a shareholder at Miller & Steiert, P.C. where his practice for the past 18 years has been limited to estate planning, trust and estate and administration, preparation of federal and state estate tax returns, probate, and selected estate litigation. He is a Fellow of the American College of Trust & Estate Counsel (ACTEC). He is the current vice chair of the Colorado Trust and Estate Council ( ). He is the past chair, vice chair, and former secretary treasurer of the T & E Council. He previously served two years as a member of the Colorado Trust and Estate Council ( ). He is the past chairman of the Statutory Revisions Committee of the Trust and Estate Section and the past chair of the Risbry Subcommittee, which addressed the role of a personal representative in estate litigation. He was a 5-year member of the Uniform Estate Tax Apportionment Act Subcommittee, which recommended adoption of the Act in Colorado, and served on the SRC subcommittee on Trust Decanting. He authored a Colorado Lawyer article entitled, A Personal Representative s Right to Participate in a Will Contest, published in April Since 2009, he has been annually listed in The Best Lawyers of America and since 2010 in Colorado Super Lawyers. He received his B.A. from the University of Vermont in 1970 and his J.D. from the University of Denver in (11/12) xxv

21 Colorado Estate Planning Handbook Michael A. Kirtland, Esq. Kirtland & Seal, L.L.C. 90 S. Cascade, Ste. 480 Colorado Springs, CO Chapter 5 HIPAA Issues in Estate Planning Chapter 6 Advance Directives Michael Kirtland is a partner in the Colorado Springs law firm Kirtland & Seal, L.L.C. His practice is concentrated in the areas of trusts and estates, estate planning, wills, probate and ancillary probate, elder law, guardianship and conservatorship, marital agreements, and taxation related to those areas. He also does mediation in these areas of practice. Mr. Kirtland was admitted to practice in Alabama in 1994 and in Colorado in He is also admitted to the U.S. District Courts for the Middle District of Alabama and the District of Colorado, the U.S. Courts of Appeals for the Tenth and Eleventh Circuits, the U.S. Tax Court, and the U.S. Supreme Court. He attended Coe College, where he received his B.A. in 1974, and the University of Colorado at Colorado Springs, where he received an M.P.A., summa cum laude, in He received his J.D., magna cum laude, from Faulkner University in 1993, and his LL.M. in Taxation from the University of Alabama in Mr. Kirtland is a member of the El Paso County, Colorado, and American bar associations. He is a member of the El Paso County Bar Association Probate Section; the Colorado Bar Association Elder Law, Trust and Estate, and Alternative Dispute Resolution sections; and the American Bar Association Senior Lawyers Division and the sections on Alternative Dispute Resolution and Real Property, Trust and Estate Law, of which he is past chair of the Elder Law Group. He is also an acquisitions editor for the Book Publishing Committee. Mr. Kirtland is a member of the Ethics Committee of the El Paso County Medical Society and the Ethics Committee of the Colorado Bar Association. Mr. Kirtland serves as a member of the Judicial Performance Commission for the Fourth Judicial District of Colorado. He belongs to the Alabama State Bar (where he is a Registered Mediator), the American Inns of Court in Colorado Springs, the National Academy of Elder Law Attorneys, the National Elder Law Foundation, where he is a member of the Board of Directors, the Air Force Association, and the Military Officers Association of America. Mr. Kirtland is one of only ten Certified Elder Law Attorneys in Colorado. xxvi (11/12)

22 About the Authors Gary M. Kramer, Esq. Berenbaum Weinshienk PC th St., Ste Denver, CO Chapter 31 Marital Dissolution and Estate Planning Gary M. Kramer, Esq., the chairman of the Berenbaum Weinshienk PC litigation department, is a respected, experienced litigator who has appeared in numerous courts throughout the United States. Mr. Kramer s practice focuses on complex probate and domestic litigation for high-asset clients from all parts of Colorado. Mr. Kramer graduated Order of the Coif from the University of Colorado School of Law in While in Law School, Mr. Kramer served as articles editor of the University of Colorado Law Review. Following graduation, Mr. Kramer was associated with the law firm of Gibson, Dunn & Crutcher in Washington, D.C. and Denver. In 1996, Mr. Kramer joined the practice of Arthur M. Schwartz, P.C., which specializes in constitutional litigation. He joined Berenbaum Weinshienk PC in 2000 as a shareholder. Mr. Kramer is a member of the City Council and is Mayor pro tem of the City of Greenwood Village. Mark D. Masters, Esq. Horen, Lockwood & Masters, LLP 9559 S. Kingston Ct. Englewood, CO [email protected] Chapter 20 Inter Vivos Gifts Mark Masters is a partner of Horen, Lockwood & Masters, LLP, and limits his practice to estate planning, business planning, estate administration, and tax. Mr. Masters is past chair of the CBA Trust and Estate Section, and former chair of the Section s Statutory Revisions Committee and member of the Colorado Probate Code (UPC II) Revision Committee. In addition to writing legislation, Mr. Masters co-edited the first and second editions of the CBA Senior Law Handbook; has written articles for The Colorado Lawyer, The Denver Post, and the Rocky Mountain News; and is contributing editor of the Colorado Will and Estate Planner for Bradford Publishing. Mr. Masters holds a B.A. with distinction from the University of Colorado at Boulder and a J.D. from Washburn University School of Law. He is an adjunct faculty member of the Paralegal Department of Arapahoe Community College, and has lectured for the University of Denver College of Law, the University of Colorado School of Law, and Regis University. Mr. Masters was awarded the (11/12) xxvii

23 Colorado Estate Planning Handbook Doyle Award of Excellence in 2007 by CLE in Colo., Inc. of the Colorado Bar Association for his contributions to continuing education and publications. Mr. Masters is a Fellow of the Colorado Bar Foundation, member of the CBA Tax Section, past president of the Arapahoe Community College Foundation, and is listed as a Colorado Super Lawyer. Lauren W. Matthews, Esq. Carleton Gotlin Law PC 1580 Lincoln St., Ste Denver, CO [email protected] Chapter 47 Basics of Oil and Gas Lauren W. Matthews, Esq. is a senior associate with Carleton Gotlin Law PC, where her practice focuses primarily on natural resources title examination, including reviewing and interpreting various industry contracts, drafting curative documents, and creating templates for a more efficient work product. Lauren is from Ozona, Texas. She moved to Colorado to study psychology at the University of Denver, where she was inducted into the Phi Beta Kappa National Honor Society and graduated magna cum laude in After graduation, Lauren worked for a family law firm for several years before attending Southern Methodist University Dedman School of Law in Dallas, where she focused on tax and oil and gas law. Lauren served as a student attorney in the SMU Tax Clinic, representing clients before the IRS and the U.S. Tax Court, and volunteered for the VITA Program preparing and filing income taxes for low-income individuals. In addition, she was a member of the SMU Energy Law Association. After graduating cum laude in 2008, Lauren was a law clerk for Carleton Law Firm until she joined the firm as an associate upon passing the Colorado bar. Lauren is licensed to practice law in Colorado and Texas. Additionally, she is a member of the Natural Resources Section of the Colorado Bar Association, the Oil, Gas & Energy Resources Law Section of the State Bar of Texas, the Denver Association of Oil and Gas Title Lawyers, and the Denver Association of Petroleum Landmen. xxviii (11/12)

24 About the Authors Shelly D. Merritt, J.D., CPA S.D. Merritt & Associates, PC 1942 Broadway, Ste. 314 Boulder, CO Chapter 29 Community Property Ms. Merritt graduated with honors from the University of Texas at Arlington with a Bachelor of Business Administration in accounting in She received her law degree from the University of Texas School of Law in 1991 and is also a Certified Public Accountant. She is an AV-rated attorney with over 20 years of experience representing individuals, families, closely held businesses, executives, and small business owners. She is a Fellow of the American College of Trust and Estate Counsel, a past council member of the Trust and Estate Section of the Colorado Bar Association, and past chair of its Statutory Revisions Committee. She is licensed to practice law in Colorado and Texas. Ms. Merritt s estate planning practice focuses on sophisticated estate, asset protection, and wealth transfer planning; international estate planning; and probate and estate and trust administration. Her small business practice focuses on the formation of closely held, for-profit and not-for-profit entities; drafting and filing of entity documents; tax planning and advice; negotiation of business transactions; and general corporate counsel services. She is a past trustee and chair of the Legal and Audit committees of The Community Foundation Serving Boulder County. She served as co-chair of the Taxation, Estate Planning and Probate Section of the Boulder County Bar Association ( ), and as the chair of the Programs Committee of the Colorado Women s Bar Association ( fiscal year). Ms. Merritt authored Reforming Charitable Remainder Trusts in Colorado under the New IRS Procedures, an article published in the September 1999 issue of The Colorado Lawyer, and Planning for Community Property in Colorado, an article published in the June 2002 issue of The Colorado Lawyer, and has lectured on various estate planning topics. (11/12) xxix

25 Colorado Estate Planning Handbook Maggie A. Mitchell, J.D., AEP, CLU, ChFC ING P.O. Box 5980 Breckenridge, CO Chapter 19 Life Insurance and Annuities Maggie Mitchell is the Vice-President of Advanced Sales for ING Insurance. She received her B.A. from the University of San Diego, her J.D. from Thomas Jefferson School of Law, and her CLU and ChFC designations from the American College. She is a member of the California and Arizona state bars and is a Registered General Securities Principal. Ms. Mitchell has published numerous articles on tax, legal, and life insurance topics in national publications and is a frequent speaker at life insurance and financial services industry meetings, where she has a reputation for utilizing creativity, ingenuity, and simplicity to explain complex planning strategies. She has more than 30 years experience in financial services, tax, legal, and insurance planning, and specializes in innovative designs utilizing life insurance. Daniel C. Mong, Esq. Zisman, Ingraham & Mong, P.C Cherry Creek North Dr., Ste. 650 Denver, CO [email protected] Chapter 42 Special Valuation Rules Daniel C. Mong is a partner at the law firm of Zisman, Ingraham & Mong, P.C., with an office in Denver. Mr. Mong received his J.D. from the University of Michigan in 2000, and his LL.M in estate planning from the University of Miami in 2006, where he was awarded the Estate Planning Fellowship. Mr. Mong is an active member of the Trust and Estate Section of the Colorado Bar Association, Denver Bar Association, and the Rocky Mountain Estate Planning Council. xxx (11/12)

26 About the Authors Steven R. Ogle, Esq. Sparks Willson Borges Brandt & Johnson, P.C. 24 S. Weber St., Ste. 400 Colorado Springs, CO Chapter 44 Estate, Gift, and Income Taxation of Nonresident/ Noncitizen Alien Individuals Mr. Ogle practices in the areas of domestic taxation, business formations and operations, estate and gift taxation, and estate planning and administration. A graduate of the University of Kansas, Mr. Ogle received his law degree from St. Louis University School of Law in Following law school, he attended the University of Denver Graduate Tax Program and received an LL.M. in Taxation in He participated in the Graduate Tax Program s Low Income Taxpayer Clinic, representing taxpayers in controversies with the Internal Revenue Service. Mr. Ogle is a member of the Colorado and El Paso County bar associations and is admitted to practice before the United States Tax Court. Renée W. O Rourke, Esq. Greenberg Traurig, LLP th St., Ste Denver, CO [email protected] Chapter 32 Employee Benefits Renée W. O Rourke is a shareholder with Greenberg Traurig, LLP, an international law firm, in its Denver, Colorado office. Her practice focuses on employee benefits, including retirement plans, ERISA, executive and stock compensation, and health and welfare plans. Ms. O Rourke received her undergraduate degree in Business Administration from the University of Southern Colorado, her law degree from the University of Denver College of Law, and her Master of Laws in Taxation from the University of Denver College of Law and College of Business Administration. Prior to joining Greenberg Traurig, LLP, she was a partner in another major law firm s employee benefits practice group, a consultant with a pension consulting firm, and a tax specialist for a major accounting firm. Ms. O Rourke is a regular member of the Employee Benefits Committee for the Section of Taxation of the American Bar Association, and is a member of the Colorado Bar Association and the Western Pension and Benefits Conference, Denver Chapter. She is a frequent speaker on employee benefit topics. (11/12) xxxi

27 Colorado Estate Planning Handbook Jane Caddell Paddison, Esq. Jane Caddell Paddison, P.C Mapleton Ave. Boulder, CO Chapter 30 Marital Agreements After being affiliated with various firms in the Denver area, including as a shareholder of Gelt Paddison & Grassgreen, P.C., Jane is now a sole practitioner and has her office in Boulder. Jane has been practicing for over 25 years in the areas of federal and state taxation, with a special emphasis in the estate, gift, and generation-skipping transfer tax areas. She has represented clients in tax planning as well as tax controversy matters before the United States Tax Court, the Internal Revenue Service, and local taxing authorities. She received her J.D. from University of New Hampshire School of Law in 1985, and her LL.M. in taxation from Boston University in Jane has a rating of AV by Martindale-Hubbell, the highest possible rating for excellence of practice and ethical standards, and is included in the Martindale-Hubbell Bar Register of Preeminent Women Lawyers for Jane is a former column editor of the Trust and Estate Law column for The Colorado Lawyer, and has been a lecturer at numerous continuing legal education programs. Jane currently serves on the legal committee of the Boulder Community Foundation, and provides her guidance to student participants of the Denver University Law School Wills Lab program. Daniel A. Rich, Esq. Steele Street Bank & Trust Trust Department 55 Adams St. Denver, CO [email protected] Chapter 14 Revocable Trusts Dan Rich has worked over 30 years in the trust business and is the executive vice president and trust department manager of Steele Street Bank & Trust. His responsibilities include supervision for the trust department and administration of trusts from offices in Denver. He is a licensed attorney with a law degree from the University of Denver College of Law and an M.B.A. in finance from the University of Colorado. He also completed a number of post-graduate courses in the LL.M. tax program at the University of Denver. xxxii (11/12)

28 About the Authors Thomas A. Rodriguez, Esq. Vincent, Romeo & Rodriguez, LLC 1070 Century Dr., Ste. 200 Louisville, CO , ext Chapter 3 Powers of Attorney Thomas A. Rodriguez is a partner with the law firm of Vincent, Romeo & Rodriguez, LLC, which has offices in Englewood and Louisville. His practice emphasizes probate litigation, including contested guardianships and conservatorships, fiduciary representation, fiduciary surcharge actions, and other will and trust litigation. Mr. Rodriguez has lectured on topics such as probate litigation, powers of attorney, financial exploitation of the elderly, and ethics. He is a former chair of the Colorado Bar Association s Elder Law Section, co-chair of the Boulder County Bar Association s Elder Law Section, and a member of the Boulder County Estate Planning Council. Mr. Rodriguez also co-chairs the Elder Law Section s subcommittee on preventing power of attorney abuse, particularly in the context of elder exploitation. Mr. Rodriguez is originally from Memphis, Tennessee. He earned his B.A. degree from Hardin-Simmons University in Abilene, Texas, and his J.D. degree from Emory University School of Law in Atlanta, Georgia. Michelle M. Rose-Hughes, Esq. Tuthill & Hughes LLP 55 Madison St., Ste. 555 Denver, CO [email protected] Chapter 37 Charitable Dispositions Chapter 38 Split-Interest Charitable Trusts Michelle Rose-Hughes is a founding partner of Tuthill & Hughes LLP. Prior to founding Tuthill & Hughes LLP, Ms. Rose-Hughes was a partner of Holme Roberts & Owen LLP, where she practiced for 15 years. She specializes in planning for individuals, families, estates, trusts, and closely held businesses, and she regularly advises charities on the structuring and acceptance of major charitable gifts. Ms. Rose-Hughes s expertise includes complex estate planning; large estate administration; federal estate, gift, and generation-skipping tax planning; life insurance planning and financing with split-dollar techniques; trust administration; and business succession planning and wealth transfer using family limited liability partnerships and limited liability companies. She advises charitable organizations and individual donors with respect to the structure and implementation of major planned gifts, including gifts of real estate; the formation and implementation of private foundations; charitable lead trusts; and charitable remainder trusts. (11/12) xxxiii

29 Colorado Estate Planning Handbook Barbara Tocker Ross, Esq. Susan R. Harris & Associates, LLC 5600 Greenwood Plaza Blvd., Ste 255 Greenwood Village, CO Chapter 41 Generation-Skipping Transfer Tax Strategies and Techniques Barbara Tocker Ross, Esq. is a senior associate with Susan R. Harris & Associates, LLC. Barbara s practice focuses on estate planning, charitable giving, and trust and estate administration. Barbara earned her J.D. degree from the Dickinson School of Law, Pennsylvania State University, where she was Comments Editor of The Dickinson Journal of International Law. Barbara completed the Graduate Tax Program at the University of Denver and earned her Master of Laws in Taxation in She is a member of the Colorado Bar Association Trust and Estate Section and the Denver Bar Association. Barbara is also a member of the Colorado Women s Estate Planning Council and is currently serving as co-chair of its Public Relations Committee. She has served on the Board of Directors of Rock the Earth, a nonprofit environmental advocacy organization and currently volunteers for the organization. Mark J. Sather, Esq. Kingsbery, Johnson & Love, LLP 2672 Northpark Dr., Ste. 100 Lafayette, CO [email protected] Chapter 21 Personal Property Mr. Sather received his undergraduate degree from Augustana College in 1979 and his law degree from the University of Colorado School of Law in He is a partner in the firm Kingsbery, Johnson & Love, LLP, where his practice focuses on estate planning, estate administration, and exempt organizations. Mr. Sather is a member of the American, Colorado, Denver, and Boulder County bar associations. xxxiv (11/12)

30 About the Authors Rebecca Klock Schroer, Esq. Holland & Hart, LLP th St., Ste Denver, CO Chapter 26 Drafting and Interpretation of Discretionary Distribution Standards Rebecca Klock Schroer is an associate with Holland & Hart, LLP and practices in the areas of fiduciary litigation, trust and estate administration, and estate planning. As a member of Holland & Hart s Fiduciary Solutions Group, her practice primarily focuses on the representation of fiduciaries, heirs, beneficiaries, and creditors in the resolution of probate and trust-related disputes. Along with Carol Warnick and Kelly Dickson Cooper, Ms. Schroer co-authored the article Discretionary Distributions: Full Speed Ahead for The Colorado Lawyer and the materials for the presentation Drafting Considerations for Distribution Standards in Changing Times at the 2009 Annual Estate Planning Retreat. She is a member of the Colorado and Denver bar associations, as well as the Rocky Mountain Estate Planning Council. She received her law degree from the University of Colorado, and her master s and bachelor s degrees from the University of Massachusetts. Upon graduating law school, she served as a judicial clerk for the Honorable Peter Weir in Jefferson County District Court. Catherine Anne Seal, Esq. Kirtland & Seal, LLC 90 S. Cascade, Ste. 480 Colorado Springs, CO [email protected] Chapter 5 HIPAA Issues in Estate Planning Catherine Anne Seal is a partner in the law firm of Kirtland & Seal, LLC. Ms. Seal is a member of the National Academy of Elder Law Attorneys (NAELA) and is one of only 10 attorneys in Colorado designated a Certified Elder Law Attorney by the National Elder Law Foundation. She serves on NAELA s Executive Committee as secretary and also serves as chair of the NAELA Advocacy & Litigation Section. Ms. Seal is a member of the American Bar Association s Real Property, Probate and Trust Law Section, where she serves on the Publications Committee, and is also a member of the Senior Lawyers Division. She is the Public Administrator for the Fourth Judicial District of Colorado. Ms. Seal was a conference author and delegate to the Third National Guardianship Summit. She received her law degree from the University of Colorado Law School and is the first person to be awarded an (11/12) xxxv

31 Colorado Estate Planning Handbook LL.M. in Elder Law from Stetson University College of Law. Ms. Seal holds a Graduate Certificate in Gerontology from the University of Colorado - Colorado Springs. She has written Colorado Elder Law for Thomson West, which is a volume in the Colorado Practice Series. She is a member of the Colorado Bar Association, the CBA Trust & Estate Section, and the CBA Elder Law Section, and past chair of the Elder Law Section. Ms. Seal practices elder law and focuses primarily on protective proceedings and elder financial exploitation. Constance D. Smith, Esq. Fairfield and Woods, P.C Lincoln St., Ste Denver, CO [email protected] Chapter 17 Irrevocable Life Insurance Trusts Chapter 30 Marital Agreements Constance D. Smith is a director with Fairfield and Woods, P.C. Ms. Smith specializes in tax and charitable planning for estate disposition, lifetime wealth transfers, trust and probate administration, nonprofits, and business succession. Her specialty is designing individualized plans to integrate tax savings, legal requirements, asset protection, and family dynamics to accomplish the client s goals. Ms. Smith works with wealthy families and complex estates as well as family-owned businesses and nonprofit organizations. Ms. Smith started with an undergraduate degree in chemistry, then earned an MBA, a J.D., and an LL.M. in taxation. She is admitted to practice before Colorado, Texas, and Wyoming state courts; the U.S. Tax Court; and the U.S. Court of Appeals for the Tenth Circuit. She is a mem ber of the American Bar Association, the Colorado Bar Association, the Denver County Bar Association, and the Christian Legal Society. She is also the president of the Women s Estate Planning Council and a member of the Rocky Mountain Estate Planning Council and the Colorado Philanthropic Advisors Network. She is a co-editor for the Trust and Estate Section column of The Colorado Lawyer, is active with the Statutory Revisions and Rules and Forms Committees of the Colorado Bar Association Trust and Estate Section, and is a past Council member of that section. Ms. Smith is a Fellow of the American College of Trust and Estate Counsel (ACTEC), she is listed in the Best Lawyers in America, and she has been named a Colorado Super Lawyer for many years. xxxvi (11/12)

32 About the Authors Carl G. Stevens, Esq. Brant, Stevens & Graf, LLC 710 Kipling St., Ste. 305 Lakewood CO Chapter 9 Joint Tenancy Chapter 15 Joint Revocable Trusts Carl G. Stevens practices law with the Lakewood, Colorado firm of Brant, Stevens & Graf, LLC, primarily in the areas of estate and business planning and elder law. He received a J.D. from the University of Oklahoma College of Law in 1975 and is a member of the Oklahoma Bar, the Colorado Bar, and the American Bar Association. Mr. Stevens is an active member of the Statutory Revisions Subcommittee of the CBA Trust and Estate Section and served on the Executive Council from He is also active in the CBA Elder Law Section and currently serves on the CBA Legislative Policy Committee. He is past president of the Centennial Estate Planning Council. Mr. Stevens has previously written articles for The Colorado Lawyer and the Journal of Practical Estate Planning, and has lectured at various continuing legal education programs. Michael R. Stiff, Esq. Baker Hostetler LLP 303 E. 17th Ave., Ste Denver, CO [email protected] Chapter 42 Special Valuation Rules Michael R. Stiff practices law in Denver, Colorado, at the law firm of Baker Hostetler LLP. He focuses on estate planning, probate, trust administration, and business law. Mr. Stiff received his law degree from the University of Arizona College of Law in He is a member of the Colorado Bar Association, Denver Bar Association, and the Rocky Mountain Estate Planning Council. Mr. Stiff is a past president of the Trust & Estate Section of the Colorado Bar Association and a past chair of the Trust & Estate Section Statutory Revisions Committee. Mr. Stiff is also a Fellow of the American College of Trust and Estate Counsel (ACTEC). (11/12) xxxvii

33 Colorado Estate Planning Handbook David M. Swank, Esq. Swank Law Firm, LLC 4600 S. Syracuse St., Ste. 900 Denver, CO Chapter 28 Contracts to Will David M. Swank, a Denver native, attended the University of California at Santa Barbara (B.A. with honors, 1989) and the University of Colorado (J.D., M.B.A., 1993), where he served as staff editor of the University of Colorado Law Review. He is a member of the Trust and Estate Sections of the Denver and Colorado bar associations and the Denver Estate Planning Council. Mr. Swank has authored articles in The Colorado Lawyer and has co-authored an article in a national professional journal, Trusts & Estates. He was named a Colorado Super Lawyer in the practice area of estate planning/trusts for 2006, 2007, and Mr. Swank works primarily in the areas of estate planning, estate and trust administration, and estate and trust litigation. Herbert E. Tucker, Esq. Wade Ash Woods Hill & Farley, P.C. 360 S. Monroe St., Ste. 400 Denver, CO [email protected] Chapter 48 Will Contests Herb E. Tucker is a shareholder with the Denver law firm of Wade Ash Woods Hill & Farley, P.C., where he specializes in the area of estate and trust administration, with an emphasis in probate and trust litigation. Mr. Tucker is a member of the Colorado, Douglas County, and American bar associations. He is actively involved in the Probate and Trust Section of the Colorado Bar Association and has been actively involved in many subcommittees. He has lectured both locally and nationally for Continuing Legal Education programs. He has written numerous articles on probate and trust litigation that appear in The Colorado Lawyer, Counsel Notes, and other legal publications. He has been named in Best Lawyers in America and Colorado Super Lawyer since xxxviii (11/12)

34 About the Authors David A. Turner, Esq. Doussard Turner & Bowers, LLP 143 Union Blvd., Ste. 550 Lakewood, CO Chapter 12 Testamentary Trusts Mr. Turner is a shareholder in Doussard Turner & Bowers, LLP. Mr. Turner s practice focuses on the administration of trusts and the estates of decedents and incapacitated persons, estate planning, and resolving adversarial issues in these matters through mediation, arbitration, and trial. He graduated from the University of Colorado School of Law in Mr. Turner is a member of the Denver, Colorado, and Wyoming bar associations, the Centennial Estate Planning Council, and the Denver Estate Planning Council. James R. Walker, Esq. Rothgerber Johnson & Lyons LLP th St., Ste Denver, CO [email protected] Chapter 2 Ethical Issues in Estate Planning James R. Walker (Jim) is the senior trust and estate partner of Rothgerber Johnson & Lyons LLP and practices in the firm s Denver office. Mr. Walker plans and has administered some of Colorado s largest estates. In 2000, he successfully represented the estate in the Lagae v. Lackner Colorado Supreme Court decision. Mr. Walker is a Fellow of the American College of Trust and Estate Counsel, serving on ACTEC s Professional Responsibility Committee. He has authored several articles on ethical issues facing trust and estate practitioners. He also served as an observer on the American Bar Association s Ethics 2000 Commission and regularly lectures on ethical issues involving trust and estate matters and elder law. (11/12) xxxix

35 Colorado Estate Planning Handbook Carol Warnick, Esq. Holland & Hart LLP th St., Ste Denver, CO Chapter 26 Drafting and Interpretation of Discretionary Distribution Standards Carol Warnick is a partner at Holland & Hart LLP and concentrates her practice in two related areas. One is estate and wealth transfer planning and administration, where her clients include executives, owners of closely held businesses, and families of significant wealth. The other is as a member of the firm s Fiduciary Solutions Group, where she advises and represents individuals, corporate and individual fiduciaries, heirs, beneficiaries, and creditors in the resolution of probate- or trust-related disputes through mediation, arbitration, and litigation. Ms. Warnick is a Fellow of the American College of Trust and Estate Counsel (ACTEC) and is a member of ACTEC s Fiduciary Litigation Committee. She has been selected for Best Lawyers in America and Super Lawyers. She was honored as one of Worth Magazine s Top 100 Attorneys for two consecutive years and was named one of Colorado s Top 25 Women Attorneys. Ms. Warnick has authored numerous articles on a variety of legal topics in various publications. Some of her most notable articles have been on topics such as 2036 challenges to family limited partnerships, discretionary distribution standards, and markers of maturity as a new paradigm for trust distribution models and gifting strategies. Her community activities include serving as a board member of the University of Colorado Hospital Foundation. She is also the past president of the Rocky Mountain Estate Planning Council and is a member of the Denver Estate Planning Council and the Salt Lake City Estate Planning Council. She also serves on the Denver Foundation s Professional Advisory Board. Ms. Warnick graduated from the University of Wyoming School of Law with honors. She was the articles editor for the Land and Water Law Review and earned the Order of the Coif award. She received her B.A. from Brigham Young University. Ms. Warnick actively practices in Colorado, Utah, and Wyoming. xl (11/12)

36 About the Authors Samantha M. White, Esq. Pendleton, Wilson, Hennessey & Crow, P.C Lawrence St., 10th Floor Denver, CO Chapter 39 Allocation of Estate and GST Taxes Samantha M. White is an attorney with the law firm of Pendleton, Wilson, Hennessy & Crow, P.C. Her primary areas of practice include tax law, business organizations, and estate planning, including wealth transfer, complex estate administration, trust management, charitable gifting, and business succession planning. She represents owners of closely held businesses, nonprofit organizations, and individuals and families with estate planning needs. Ms. White graduated Order of St. Ives from the University of Denver Sturm College of Law and obtained her LL.M. in Taxation from the University of Denver Graduate Tax Program. She is admitted to practice before the Supreme Court of Colorado and the U.S. Tax Court. Ms. White is a co-author of the chapters on Wills, Estate Planning, Estate Administration and Trusts for Colorado Methods of Practice (West, 5th Edition 2008, updated 2012). She also has presented on Obtaining and Retaining Tax-Exempt Status and Private Foundations, Public Charities and UBTI at the Annual Institute on Advising Nonprofit Organizations in Colorado. Dennis N. Whitmer, Esq. Hamilton Faatz and Waller PC 5105 DTC Pkwy., Ste. 475 Greenwood Village, CO [email protected] Chapter 24 Fiduciaries Chapter 25 Administrative Powers Dennis N. Whitmer was a vice president and trust officer at Colorado State Bank and Trust N.A. and is now special counsel with Hamilton Faatz and Waller PC. He was a personal trust officer for 30 years. He is a member of the Colorado Bar Association and is the past chair of the Trust and Estate Section. He has served as the chair of the Statutory Revisions Committee and as a member of the Orange Book Forms Committee (CLE in Colo., Inc. Estate Planning Forms). He also served as the chair of the Statutory Revisions Subcommittee reviewing the 1997 Uniform Principal and Income Act, which was adopted in Colorado in He has made numerous presentations for Continuing Legal Education in Colorado, Inc. He received his J.D. from Kansas University in 1979 and an M.S. from Kansas State University in He has also been admitted to the Kansas and Minnesota bars. (11/12) xli

37 Colorado Estate Planning Handbook Robert Wiegand II, Esq. Wiegand - Attorneys & Counselors, LLC 280 E. 20th Ave. Denver, CO [email protected] Chapter 40 Estate Tax Marital Deduction Robert Wiegand II practices in the areas of tax law, business and individual succession planning, and probate. He received his undergraduate and Juris Doctor degrees from Tulane University and his Master of Laws in taxation from the University of Denver in He is a member of the Louisiana State Bar Association and of the Colorado, Denver, and Continental Divide bar associations. He has an AV rating with Martindale-Hubbell. He is also a member of the Denver Estate Planning Council and active in the committee work of both the Business Law and Trust & Estate Sections of the Colorado Bar Association. xlii (11/12)