Wednesday, January 4, 2012

Changes Effective January 1, 2012

The Exempt Property and Family Allowances increase on January 1 to $30,000 each for a total of $60,000 that a surviving spouse or dependent children may request from an estate under the Colorado Probate Code. The federal estate, gift and generation-skipping exemptions increase from $5 million to $5,120,000 as a result of inflation in 2012, but keep in mind that they may go down to $1 million in 2013 if Congress fails to take action. Happy New Year!