“Temporary” Reduction in Probate Filing Fees

Effective January 23, 2012, the Colorado Supreme Court has temporarily reduced filing fees in court actions, including probate matters. At least temporarily, the fee for filing an application or petition for probate is $127 instead of $164, and the fee for filing a trust registration statement is $126 instead of $163. The fee for certifying Letters is also reduced from $20 to $13. While the directive on the Supreme Court website says that the reduction is temporary, it does not say when the fees will go back up to prior levels. See Filing Fees.

Expiring Tax Provisions for Individuals

The failure of the "Super Committee" to agree on deficit reduction makes even more uncertain the fate of a number of tax provisions that are scheduled to expire at the end of 2011. Included in that list for individuals: the contribution of up to $100,000 from an IRA directly to charity by an individual at least age 70 ½; enhanced deductions for contributions of conservation easements; reduction in payroll taxes (although this may be extended separately); increased Alternative Minimum Tax exemption; a number of credits such as the adoption credit, energy property credit, first-time homebuyers credit, increased deduction for qualified tuition expenses; and exclusion of 100% of gain on certain small business stock. If any of these apply to your personal situation, act now to take advantage of these tax provisions before the end of the year.