Articles & Resources 15 Tax Tips to consider for Year End 2006 and for future years planning DOWNLOAD PDF - MP3 Audio What Happens if I Die Without a Will? If you die without a will your property will be distributed pursuant to Colorado law. This law is known as the "law of intestacy" and a person who dies without a will is said to have died "intestate." The intestacy statute attempts to achieve the same result that would probably be achieved if a will had been executed. The application of the law, however, is carried out mechanically and unintended consequences may result. The easiest way to understand the statute is through the following examples: DOWNLOAD PDF Choosing a Guardian for Your Children For individuals having young children, appointing a guardian is probably the most important aspect of the estate planning process. In general, the guardian of a minor assumes the powers and responsibilities of a parent with respect to the child's support, care and education. A guardian is not personally liable for the child's expenses and is not liable to third persons for the child's actions. It is the guardian's duty to become and remain personally acquainted with the child and maintain sufficient contact with the child to know of the child's capacities, limitations, needs, opportunities, and physical and mental health. It is also the guardian's duty to take reasonable care to conserve and protect the money and property of the child. Beyond the mandated legal responsibilities, however, the guardian will obviously have an enormous impact on the life of the minor. The guardian will likely factor into such significant decisions such as the minor's religious upbringing, schooling, and geographical location. DOWNLOAD PDF Is Gain on Sale of a Principal Residence Taxable? Many people are asking this question in light of the dramatic change in tax policy that took effect for home sales occurring after May 6, 1997. Instead of deferring taxation by requiring the purchase of a new principal residence that costs more than the prior one, the new law excludes from taxation the gain on sale of a principal residence if certain requirements are met. This reduces the need for record keeping of deferred gain amounts. And, unlike the prior once in a lifetime exclusion for persons age 55 or older, the new exclusion can be used multiple times. DOWNLOAD PDF