SCHEY, PILLER, ALSPAUGH & WONG, P.C.
Attorneys at Law

ANNUAL GIFT TAX EXCLUSION

The Internal Revenue Service has announced that the annual gift tax exclusion increased as of January 1, 2009 from $12,000 to $13,000.

ESTATE TAX APPLICABLE CREDIT AND EXCLUSION AMOUNTS FOR 2009

The estate tax applicable exclusion for decedents dying in 2009 has been increased to $3,500,000 per person from $2,000,000 from 2008.

TAX INCENTIVES FOR WATER STOCK

Enhanced Like-Kind Exchanges

P.L.110-234 amends the like-kind exchange rules under Code Sec. 1031 to permit the exchange of water rights in the form of mutal ditch, reservoir and irrigation company stock. The new like-kind exchange treatment would apply to exchanges completed after the date of enactment.

IMPACT This provision creates an exception to the general rule that stock is not property for like-kind exchange treatment and could open the door to future changes to the strick like-kind exchange rules. For the time being, however, this provision narrowly applies to certain stock representing a holding of water rights that is recognized as real property under state law.

(from the CCH Tax Briefing: Farm/Military Tax Relief Acts of 2008 May 27, 2008 Speical Report: 2008 CCH)

Neil E. Piller

Admitted: 1972, Colorado

Neil E. Piller grew up in southern Illinois and is a graduate of Yale University (BA - English). Following college and a year working in San Francisco, he returned to Colorado and earned his law degree from University of Colorado. While in law school, he volunteered for the Legal Aid and Defender Program and was selected to be a member of the University of Colorado Law Review staff. He also was named a Ford Foundation scholar in the study of environmental law. Following law school, he worked as law clerk for Judge O. Hatfield Chilson at the U.S. District Court in Denver, Colorado. Following that, he accepted a position with Schey & Schey Law Firm in Longmont where he has practiced ever since. He now serves as a Partner and President of Schey, Piller, Alspaugh & Wong, P.C. Neil has consistently received the highest Peer Review Ratings for his legal skills and integrity.

Away from the office, Neil has been active in his church serving as its Moderator, an for many years, as Chairperson for the Lay-Clergy Institute which was inspired the formation of Hospice of Boulder County and Habitat for Humanity in Longmont, as well as other social programs in the Community.

Neil’s areas of practice include litigating a wide variety of cases involving personal injury, workers compensation, real estate, construction law, and commercial litigation. He also has expertise in consulting clients on business planning and organization, commercial sales transactions, wills, trusts, estate planning and administration, and real estate transactions.

For More Information Contact:

SCHEY, PILLER, ALSPAUGH & WONG, P.C.
636 Coffman Street, Suite 200
P. O, Box 267
Longmont, CO 80502-0267
Tel: 303-776-3511
FAX: 303-772-2297
Email: Neil E. Piller

Return back

ISSUES AND ANSWERS:

QUESTION: If I am injured in an automobile accident, how much time do I have to begin a Lawsuit against the resposible party?

ANSWER: A person has to initiate a lawsuit against the party responsible for the injuries not later than three years from the date of the accident. Suit cannot be brought If that deadline is missed. Also, if a person suffers injuries in the accident which result in death, the deadline is shortened to two years.