The attorneys and staff at The Tipton Law Firm wish you and your loved ones a safe and happy holiday.
With this year’s Hanukkah celebration concluding today, the attorneys and staff at The Tipton Law Firm wish you all the best of the season.
As 2009 comes to a close, some of you may be wondering what will happen with the federal estate tax that is scheduled to sunset in 2010. Attorneys at The Tipton Law Firm, including Denver business lawyer, Cory Tipton, have been watching closely to see what Congress is likely to do to the estate tax structure, rates and exemptions in the coming years.
For now, it seems there will be no federal estate tax reform in 2009, as once expected. As the year comes to an end, the House passed legislation to permanently extend the current estate tax laws which require a 45% tax on estates in excess of $3.5 million dollars. This past Wednesday, the Senate rejected the House bill; therefore, there will likely be a temporary repeal of the estate tax effective January 1, 2010.
Consistent with legislation passed in 2001, if lawmakers do not enact new laws to address the estate tax structure, prior to the end of 2009, the federal estate tax will temporarily disappear in 2010. However, it will return in 2011 at a higher rate, 55%, and lower exemption amount, $1 million dollars. If this comes to pass, estates of any individual dying in 2010 would not be subject to an estate tax; however, during 2010 many estates will potentially be subject to a 15% capital gains tax that they now avoid. The capital gains tax would apply to estates larger than $1.3 million dollars and only to assets that are subsequently sold off by a beneficiary.
Although it is likely the estate tax will sunset on January 1, 2010, members of Congress are adamant they will reach an agreement to reinstate the estate tax early in the New Year. Based on the discussions in Congress, the reinstatement of that tax will likely come with a retroactive reinstatement in early 2010; however, it is unclear exactly how and when that will occur.
The Tipton Law Firm recognizes and thanks the veterans, active duty personnel, and their families for their dedication, service, and sacrifice for our country each and every day.
The attorneys from The Tipton Law Firm have been watching two interesting issues moving through the federal court system. Many of the circuit courts continue to struggle with the 21st Amendment, specifically the validity of state based regulation of alcohol. Almost simultaneously, the federal courts have struggled with how much state and local governments can dictate or interfere with airline operations. These two issues are particularly relevant to Denver business lawyer, Cory Tipton, who, in addition to working as a lawyer for Colorado businesses, also focuses her practice heavily in the aviation and liquor regulated industries. Likewise, gaming law attorney, John Tipton, who, in addition to working closely with the regulated casino gambling industry, also focuses his practice on the regulated industry of alcohol.
As many followers of the aviation industry can attest, there have been several recent cases regarding local government involvement in aviation, specific to the imposition of landing fees and on-board liquor sales. The very interesting aspect of these two recent cases is the disparity of decisions coming out of the federal circuits. In one case, the courts found that the local government which neither owned nor operated the Philadelphia Airport was barred from imposing a landing fee at that airport. In the other case, the courts upheld the 21st Amendment and ruled that state liquor authorities could prohibit a major U.S. airline, USAirways, from serving alcohol on-board all flights to and from New Mexico.
As a Denver business lawyer, Cory Tipton looks at the USAirways case as one which has provided precedent in the 10th Circuit regarding the 21st Amendment and the authority of state liquor regulators. As those in the liquor industry are keenly aware, the USAirways’ decision is a victory for those who favor states’ rights with respect to alcohol regulation. Having this type of decision in the 10th Circuit is particularly notable because of the volume of brewers, both large and craft, who operate in Colorado and, therefore, within the jurisdiction of the 10th Circuit.
From an aviation law perspective, the USAirways’ decision raises potential logistical issues for any airline that operates within the state of New Mexico. Another interesting issue that this case spawns is the possibility that U.S. airlines will now be required to comply with the disparate and conflicting liquor laws and regulations of all fifty states.
The attorneys at The Tipton Law Firm will continue to watch how the issues develop with this release of this decision, and will also keep an eye to the Supreme Court to see what potential decisions come from that Court that may affect either the aviation industry or the liquor industry.
Denver Business Lawyer, Cory Tipton, along with Gaming Law Attorney, John Tipton, are attending the national NBWA conference, starting today. In this political climate and with the current issues we all face in this economic time, the topics discussed and issues raised at this year’s conference will prove to be interesting. Rest assured, your Denver Business Lawyer and Gaming Law Attorney, both of whom work in many of the regulated industries, will return from this conference armed with new knowledge about the climate of the alcohol industries in our country.
Denver business lawyer, Cory Tipton, is featured in Cherry Creek Living Magazine again this month, September 2009, with her article, “Who Will be Sleeping in Your Grave?” If you have not already picked-up a copy of the magazine, grab one off the shelf today! Or, read the article on-line by clicking here.
In the past couple of months, our column has examined some of the issues to consider when preparing an estate plan. We have pointed out potential pitfalls and offered a myriad of reason to consult an experienced estate planning attorney. Some of the issues we have discussed include making decisions regarding distributing property to your heirs, tax planning, specific considerations with respect to end of life decisions and designating agents to control health care and financial decisions should you be unable to make those decisions yourself. We have only scratched the surface with respect to all of the reasons it is important to have a comprehensive and well thought-out estate plan. As you navigate the estate planning waters, you will also find that there are many hidden issues which, without proper guidance from an experienced attorney, too often come to light for the family once a person is deceased and has overlooked certain issues in their estate planning.
Find out who will be sleeping in your grave. Click here to read the entire article . For more information, or to have your estate plan reviewed as part of a free consultation, please contact an estate planning attorney at The Tipton Law Firm by clicking here.
The attorneys and staff at The Tipton Law Firm wish you and your family a safe and happy Labor Day weekend.
Denver business lawyer, Cory Tipton, is featured in the August 2009 edition of Cherry Creek Living Magazine with her article, “You Wouldn’t Take Out Your Own Appendix – Why Are You Drafting Your Own Estate Planning Documents?” If you have not already picked-up a copy of the magazine, grab one off the shelf today! Or, read the article on-line by clicking here.
As Americans continue to face challenges in this economy, we are increasingly becoming a do-it-yourself society. People are looking to do all of their own work to save money and avoid paying experienced, licensed professionals for services many believe they can more inexpensively provide for themselves. As this trend continues, more and more people are being driven to the Internet for services and “forms” that purport to be authentic, legally sufficient, and in some cases – FREE. Beware; you can create a great disservice for both yourself and your family by wasting time and money on Internet services and products that are often legally invalid. Worse yet, there are now inexpensive, “valid” legal forms on the Internet that are purportedly prepared for you by experienced attorneys, former judges and even law school professors. All you have to do – type in the answers to a few simple questions.
Don’t take a chance with these services on the Internet. Click here to read the entire article and get a better understanding for potential issues that lurk within Internet estate planning products. Now is the time to contact a Denver business lawyer with expertise in estate planning to discuss your needs for estate planning documents. For more information, or to have your estate plan reviewed as part of a free consultation, please contact an estate planning attorney at The Tipton Law Firm by clicking here.
Gaming Law Attorney, John Tipton, sees revenue in Colorado casinos up 16% since the launch of the Amendment 50, in July, which allows for higher bet limits, new games and 24-hour gambling. The official numbers are out, and to read more, click here.
