The Allen Firm Knowledge Base
Our blog section that highlights some of our most asked questions.
You don’t own that water.
John owns 100 acres of land with a nice river flowing over it. He wants to take and use all the water from the river but must be careful. He may not have the right to do that. Here is a basic breakdown of law concerning water in Texas: 1) Groundwater is water under...
This guy could be trouble.
Two men are standing in front of you. “Nice Guy” looks kind. Generous. Is smiling. He wants to help. “Bad Guy” looks mean. He is angry and looks like he wants to hurt someone. Actual Cash Value “ACV” insurance policies can be like the Bad Guy. Replacement insurance...
Who is your kid’s guardian?
One of the main reasons to get a good Will signed is to have guardians of your minor children appointed. This is accomplished by including Will language like this: Guardian Provisions If my Spouse fails to survive me, or if he/she dies after my death without having...
Jim’s probate avoided.
Jim owns a valuable home on 3 acres. He does not have many other assets. His estate would not need to be probated if he did not own the home because he already took care of his bank accounts by listing his son as the POD (Payable On Death) beneficiary. Question -...
Keep this paragraph in your back pocket
Let’s say your company performed some work for Mr. X. He was pleased with the work. Wisdom would recommend you have him sign Release of Claims against you. Something like this: (Mr. X) releases and forever discharges (You and Your Company) as well as the Company’s...
2023: Death and Gift Taxes
2023: Death and Gift Taxes Certain taxes are triggered when you transfer assets upon your death (“Estate Tax”). Estate Tax Rate: 40% Exemption Amount**: 12.92mm per person (25.84mm if married) ** explained another way – you will not owe estate taxes if all the assets,...
You only took the first step.
You need these to properly form an LLC: **Certificate of Formation (filed with the State) Organizational Meeting Minutes Company Agreement Consent for a person to serve as Registered Agent Company Manual with completed Certificates **Many people only file this form...
New forms for Real Estate Professionals
TREC has updated their forms. Use these effective 2/1/23: One-to-Four Family Residential Family Contract (Resale) Farm and Ranch Contract Amendment to Contract Unimproved Property Contract New Home Contract (Incomplete Construction) New Home Contract (Complete...
Title is screwed up. I object.
Buyers, please be aware. You can (and should) object when there are defects or encumbrances in the title to the land / building / house you are purchasing. It may be your only way to terminate the contract. Below is the paragraph which gives you this right to...
I’m not bound by that.
Before you sign a Letter of Intent, please make sure it includes language like this: Each party agrees this Letter is intended only to set forth the discussions of the parties and will not constitute a complete agreement or be a legally enforceable agreement. This...
Thanks for the free work.
If payment for your work gets delayed, then you must protect yourself by filing a mechanic’s lien to secure payment. You qualify for the protection of a mechanic’s lien if you provide labor or supply materials for the construction or repair of a house, building, or...
Is this reasonable?
Ted owns landscape and irrigation business. He hired Frank as a general manager of the West Texas division. Frank signed a non-competition agreement when he was hired. Frank worked great for 2 years then recently left to a competing landscape business. Ted just...
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