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)

Welcome to SCHEY, PILLER, ALSPAUGH & WONG, P.C.

For over 100 years, the law firm of Schey, Piller, Alspaugh, & Wong, P.C. [formerly, Schey & Schey, P.C.] has served the greater Longmont Community and Northern Colorado. It traces its roots to Jacob S. Schey who began his practice in 1907, and was a founding member of the Boulder County Bar Association that same year. Jacob served as City Attorney for Longmont for more than twenty years, and also conducted his private practice in Longmont until his death in 1963. He was considered one of the most skilled irrigation law attorneys in the state at that time. In the mid-1930's, Jacob was joined by his nephew Theodore D. Schey (“Ted”) who continued the tradition of service as City Attorney for twenty more years from 1956 to 1976. Ted worked in private civil practice with the firm until his death in 1996. Jacob and Ted Schey were instrumental in directing the development of Longmont as the town grew over the years.

The firm continues to carry on the tradition of providing a wide range of high quality legal representation for the Longmont Community and beyond. Areas in which the firms specializes include Elder Law, Medicare counseling and planning, fundamental and complex estate planning and administration; wills; trusts; charitable foundations; corporate organization, consulting, and commercial transactions; real estate development and transactions; water law; commercial, real estate and construction litigation in all courts including appeals courts.

The firm also emphasizes representation of clients injured in accidents and workers compensation cases. More than five million dollars has been recovered for injured clients the firm has represented.

Contact Information

Telephone
     303-776-3511
FAX
     303-772-2297
Postal address
     P. O. Box 267
     Longmont, CO 80502-0267

Physical address BEGINNING MARCH 3, 2008
     636 Coffman Street, Suite 200
     P. O. Box 267
     Longmont, CO 80502-0267

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.