You have a statutory priority as a child of the decedent and should check that box. Your step sister has a prior right because she was nominated in the will, but she has renounced it. It's a good idea have her complete Form JDF 912 (renunciation) and file it with your application.

The Colorado Seller's Property Disclosure asks seller to disclose if any work was done without proper permits. If the seller did not disclose this and you are damaged or defrauded because of it, you will have a claim against seller and possibly his broker. Under Colorado law, sellers of... View More

Maybe. You will have to file a formal probate and request a hearing. It will be up to the judge to determine if the will is valid based on certain statutory requirements. If all interested persons agree to stipulate that the will is valid, the court will likely accept it.

Without knowing your entire financial picture, I cannot determine whether a bankruptcy would be right for you. A bankruptcy would relieve you of liability for the PA property, but I can't determine whether it would protect your other assets. Since you apparently have not lived in Colorado for... View More

In Colorado, Contracts for the sale of real estate must be in writing pursuant to statute. In some cases, a court may enforce oral real estate contracts if there has been some partial performance. To determine whether your email "acceptance" is valid or not, I would have to look at the... View More

There are only two ways I know to get released from the mortgage. The lender can agree to release you from liability (not bloody likely) or your girlfriend can refinance by herself.

Generally, a buyer is entitled to specific performance of a real estate contract as long as the buyer has not defaulted on any material terms. However, your seller could break the contract legally by filing a Chapter 7 or Chapter 13 bankruptcy. There are many other consideration before deciding on... View More

Your idea will not avoid capital gains taxes on the gain from the sale. I am aware of three possible solutions to avoiding these taxes. First is a 1031 exchange and involves buying another qualifying property and rolling the gain into that - there are complicated rules to this. The second method is... View More

The Colorado homestead exemption is $75,000, or if you are over 60 years old or disabled, $105,000. You must have a been a Colorado resident for at least 2 years in order to use Colorado exemptions. Any equity over those amounts must be turned over to the trustee to pay creditors. This will usually... View More

In Colorado, conservatorships and guardianships are filed in the probate division of the District Court. The one exception is the City and County of Denver which has its own Probate Court.

Probably not. Assuming they filed a Chapter 7 liquidation, the company's assets will be liquidated and the proceeds distributed according statutory priorities. Creditors are prohibited from trying to collect debts except through the bankruptcy process. You can file a Proof of Claim with the... View More

It depends on the amount the lender bids at the sale. If the bid is enough to pay the loan, there will be no deficiency. If the bid is less, there will be a deficiency which the lender may try to collect from the borrower. Sometimes the lender will forgive the deficiency. If its more than $600.00,... View More

If there is a lender involved, they will insist on an appraisal. If the appraisal does not support the contract price, they will not make the loan. If it's an all cash deal, caveat emptor (buyer beware).

Unless the vesting deed says otherwise, each is presumed a 50% owner. The contract language no longer matters as it is "merged" into the deed. Did he examine the deed prior to closing? Presumably, he wanted her on the title and requested the seller to grant the warranty deed to both of... View More

Assuming he effectively deeded an interest to the wife, he cannot unilaterally remove her. Either she must deed it back or a court must order it.

Yes, but it's complicated. If you have been a Colorado resident for at least two years prior to filing bankruptcy, you must use the Colorado exemptions. There are many and they are spread out over several sections of the Colorado Revised Statutes and Rules. Common examples are the $75,000.00... View More

If the lender bid the entire amount owed at the foreclosure sale, then you do not owe them any money. If they bid less than the amount due, you still owe the balance. If there was a second or third mortgage and they did not redeem the property by paying off the first mortgage, you would still owe... View More

File IRS form 982 with your tax return showing that you were insolvent at the time. That usually solves the problem without an audit.

Income taxes can be discharged in bankruptcy, but they must be due more than three years ago, returns filed for at least two years and assessed for at least 240 days. Newer taxes are not dischargeable, but can be paid over 5 years in a Chapter 13 with no additional penalties or interest.

You did not provide enough information on the source of the funds you received. The general rule is that distribution of trust income is taxable to the beneficiary (you), but distributions of the trust assets to the beneficiary are not.