Colo. Rev. Stat. § 15-11-807

Current through Acts effective through 6/7/2024 of the 2024 Legislative Session

Section 15-11-807 - Modification to achieve transferor's tax objectives

To achieve the transferor's tax objectives, the court may modify the terms of a governing instrument other than a trust that is governed by section 15-5-416 in a manner that is not contrary to the transferor's probable intention. The court may provide that the modification has retroactive effect.

C.R.S. § 15-11-807

Amended by 2018 Ch. 169, § 11, eff. 1/1/2019.

L. 2009: Entire section added, (HB 09 -1287), ch. 310, p. 1687, § 15, effective 7/1/2010. L. 2018: Entire section amended, (SB 18-180), ch. 169, p. 1193, § 11, effective 1/1/2019.

COMMENT

Added in 2008, Section 2-806 is based on Section 416 of the Uniform Trust Code, which in turn was based on Section 12.2 of the Restatement (Third) of Property: Wills and Other Donative Transfers (2003).

Section 2-806 is broader in scope than Section 416 of the Uniform Trust Code because Section 2-806 applies but is not limited to trusts.

Section 12.2, and hence Section 2-806, is explained and illustrated in the Comments to Section 12.2 of the Restatement and also, in the case of a trust, in the Comment to Section 416 of the Uniform Trust Code.

For provisions relating to the time of taking effect or the provisions for transition of this code, see § 15-17-101 .