You can save yourself a lot of problems and craft a great plan if you know the difference between these two things: Probate Asset VS Non-Probate Asset Today, lets cover probate assets. Probate assets examples: Property solely owned by a deceased individual. Personal...
Do you want your business to live beyond you? I know it’s not urgent but consider business succession planning. Its critical. Maybe you would like to retire one day. Sell your business. Transfer to family? In all of these situations you need a good succession...
We receive many requests to prepare a “Living Will”. This is not a will; not sure why its named that! Interpretation – The document known as “living will” is an “Advanced Directive” which really needs to be in your complete estate plan. The Advanced Directive...
The Question: What happens when someone dies without a Will? It depends. These two situations should help explain: *Situation No. 1 Biff and Sue are married. They bought 100 acres of land after they were married (called “community property” since purchased after...
Allen Firm Quick Tips This makes me sick I do not hate many things. But.. When I have to watch a person be forced to sell the family farm, cattle, and equipment to pay for nursing care/assisted living of his/her spouse..I hate that. Especially when they could...
Allen Firm Quick Tips Relax! Your parents debts are not your problem..sort of. You are not responsible for your parents’ debts upon their death. If your parents used property as collateral for a bank loan then you will need to pay the bank in order to save the...
