SPRING 2025 NEWSLETTER
Beneficiary Designations
Beneficiary designations for retirement plan benefits and life insurance policies are an important part of a comprehensive estate plan. They should be tailored to your estate plan. Please contact our office for personalized advice regarding your beneficiary designations.
Estate and Gift Tax Update
The annual gift tax exclusion is currently $19,000 per person ($38,000 per married couple).
The federal estate and gift tax exemption amount is currently $13,990,000 per person ($27,980,000 per married couple). This exemption amount is scheduled to sunset at the end of this year and return to $5,000,000 per person (adjusted for inflation) beginning January 1, 2026. However, congress could act to prevent or modify the sunset provision. We will continue monitoring congressional action and keep you informed of any changes.
If your estate exceeds $5,000,000 per person ($10,000,000 per married couple) (adjusted for inflation) and you would like to take advantage of the current higher exemption amount, please contact our office to explore your estate tax planning options.
The Corporate Transparency Act Update
If you have an LLC or other business entity created in the United States, you are no longer subject to the reporting requirements of the Corporate Transparency Act. On March 21, 2025, the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network was removed. Reporting requirements still apply to entities formed under the law of a foreign country that have registered to do business in the United States. For more information regarding the Corporate Transparency Act and the reporting requirements, please see https://www.fincen.gov/boi.
Firm News
Visit our new website for frequently asked questions regarding estate planning, probate, and taxes, as well as previous newsletters!
Hawkins Gordon has been included in the Best Law Firms® 2025 edition for our work in Trusts and Estates.
Miranda K. Hawkins was named by her peers as one of the 2025 Best Lawyers in America and as a 2025 Colorado Super Lawyer for her work in trusts and estates. Also, Miranda serves as the 2025 Chair of The Denver Foundation Professional Advisors Council.
Jennifer A. Gordon was selected by her peers to the Colorado Super Lawyers list as one of the top 5% of attorneys practicing estate planning and probate in Colorado in 2025.
On February 4th, Hawkins Gordon was excited to support the work of Metro Volunteer Lawyers by participating in an estate planning clinic at Halcyon House in Denver and providing peace of mind to low-income seniors by preparing estate planning documents, including wills, medical and financial powers of attorney, and living wills.
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