CBA TRUST AND ESTATE SECTION STATUTORY REVISIONS COMMITTEE AGENDA. February 6, 2019
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1 CBA TRUST AND ESTATE SECTION STATUTORY REVISIONS COMMITTEE AGENDA February 6, Introductions 2. Approval of December 20, 2018 Minutes 3. Announcements 4. Legislative Report 5. Unapproved Matters under Consideration by SRC - Reports from Subcommittees 6. SRC Approved Proposals a. Active Matters - Work to Finalize Required (i) UTC Subcommittee (Connie Eyster, Co-Chair) b. Inactive Matters Approved by SRC but Not Moving Forward for Various Reasons 7. Unapproved Matters under Consideration by SRC - Reports from Subcommittees a. Legislation Review Joint Subcommittee (Michael D. Holder, Chair) b. Advance Legislative Response Team (Marco Chayet and Letty Maxfield, Co- Chairs) c. ADR Legislation (C. Jean Stewart, Chair) e. Uniform Fiduciary Income and Principal Act Subcommittee f. Uniform Guardianship, Conservatorship, and Other Protective Arrangements Act g. Child Support in Probate Subcommittee (Jaime Schuler, Chair) 1
2 8. Inactive Matters 9. Report from Elder Law Section 10. Report from Other Sections of the Bar 11. New Matters a. Rule Against Perpetuities/Delaware Tax Trap 12. Passed Proposals for Inclusion in Omnibus Bill or Stand Alone Legislation a. Bankruptcy/Inherited IRAs (approved in ) b. Changes to the Uniform Power of Appointment Act (approved in ) c. Disclosure of Fiduciary Fees, and , C.R.S. (approved in ) d. Colorado Digital Preservation of Abandoned Estate Planning Documents Act (formerly Deposit of Original Documents) Subcommittee (Timothy Bounds, Co-Chair, and Peter W. Bullard, Co-Chair) e. Uniform Directed Trust Act Subcommittee (Kevin Millard, Co-Chair, and Kelly Cooper, Co-Chair) 2
3 1. Welcome and Introductions CBA TRUST AND ESTATE SECTION STATUTORY REVISIONS COMMITTEE MINUTES December 20, 2018 Timothy D. Bounds called the meeting of the Statutory Revisions Committee to order at 1:43 p.m. There were introductions from those present and on the phone. 2. Approval of November 15, 2018 Minutes 3. Announcements The minutes of the November 2018 meeting of SRC were unanimously approved. There is no official meeting of SRC in January, though there may be a phone teleconference if SRC needs to respond to proposed bills from the legislature. Members should continue to check s for potential meeting dates and times. The next official meeting of SRC will be at the new CBA location on the first Wednesday in February. The New Lawyers study group meets on the first Thursday of the month and will continue to do so in Please contact Dave Kirch regarding ideas for articles to be published in the Colorado Lawyer. Please submit any topics or ideas directly to Dave. The New Lawyers Committee will be hosting a happy hour event tonight from 4:00 p.m. to 7:00 p.m. at the Warwick Hotel. All members of the Trust & Estates section are welcome to attend. 4. Legislative Report Jeremy Schubach The legislative session begins on January 4, There will be legislation introduced during the 2019 session that will directly impact the Trust & Estate section. The CBA Legislative Policy Committee and the Advance Legislative Response Team subcommittee of SRC will review proposed legislation. Jeremy went through some proposed legislation on the agenda that will affect T&E: the electronic registry for advanced directives and other medical documents; guardian bill of rights; abandoned estate planning documents, and; Safe Families. 1
4 5. Unapproved Matters under Consideration by SRC Reports from Subcommittees There are currently no unapproved matters under consideration. 6. SRC Approved Proposals a. Active Matters - Work to Finalize Required (i) UTC Subcommittee (Connie Eyster, Co-Chair) a. The subcommittee is still reviewing the provisions relating to exemption creditors. They will keep reviewing those provisions. There will be an article in the March Colorado Lawyer regarding the UTC. b. Inactive Matters Approved by SRC but Not Moving Forward for Various Reasons None 7. Unapproved Matters under Consideration by SRC - Reports from Subcommittees a. Legislation Review Joint Subcommittee (Michael D. Holder, Chair) b. Advance Legislative Response Team (Marco Chayet and Letty Maxfield, Co- Chairs) c. ADR Legislation (C. Jean Stewart, Chair) d. Uniform Fiduciary Income and Principal Act Subcommittee The subcommittee is done reviewing Part 2 of the Act. e. Uniform Guardianship, Conservatorship, and Other Protective Arrangements Act The subcommittee is not currently meeting. They are on the agenda to present the stakeholder feedback to the Uniform Law Commission on January 11, f. Child Support in Probate Subcommittee (Pat Mellenn, Chair) 2
5 8. Inactive Matters Jamie Schuler will be reaching out the family law section for input and feedback on this subcommittee s objectives. a. Proposed Amendment to Comply with IRC 1.643(a)(3) Eugene Zuspann believes that this subcommittee is no longer necessary. It was voted unanimously to take this subcommittee off the agenda. 9. Report from Elder Law Section (Mallory Hasbrook liaison) The Senior Law Handbook is done and they are now working on brochures. The Section is looking for someone to chair its CLE subcommittee. The Elder Law Retreat will be August 22-24, 2019 in Vail. 10. Report from Other Sections of the Bar 11. New Matters Kim Willoughby is the new family law section liaison. There were no reports from other sections of the Bar. a.rule Against Perpetuities/Delaware Tax Trap Tim Bounds will speak with Susan Boothby and John Brine. 12. Passed Proposals for Inclusion in Omnibus Bill or Stand Alone Legislation a. Bankruptcy/Inherited IRAs (approved in ) b. Changes to the Uniform Power of Appointment Act (approved in ) c. Disclosure of Fiduciary Fees, and , C.R.S. (approved in ) d. Colorado Electronic Preservation of Abandoned Estate Planning Documents Act (formerly Deposit of Original Documents) Subcommittee (Timothy Bounds, Co-Chair, and Peter W. Bullard, Co-Chair) i. Meeting with banking association and Secretary of State. e. Uniform Directed Trust Act Subcommittee (Kevin Millard, Co-Chair, and Kelly Cooper, Co-Chair) Timothy D. Bounds adjourned the meeting at 2:11 p.m. Respectfully submitted, Lauren K. da Cunha 3
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