The Blog
How to un-protect a homestead
Biff owns his home in town. In Texas, we call this his “homestead.” You are his acquaintance but not a relative. He wants you to loan him money and says he will let you use his homestead as collateral. Can you help? Sort of. You can make Biff a loan...
Jim Broke His Arm
Jim and Betty Brown (names changed to protect the innocent) were elderly when they moved in with Bill (their son) and his family. They decided to sell their house on Creekside Drive to not be a financial burden to Bill. The market was great and their home was under...
Designations could hurt …
You have a good Will in place. It gifts all of your money to your children upon your death. You set up a Trust in your Will benefiting your kids until they reach the age of 30 because they are not quite financially responsible. In addition to a size-able life...
It was a BAD EVENING last night ….
Brad and Karen had a terrible evening last night. Everything was going great weeks before with the rapid growth of their landscape business. New trucks, new employees, more clients, and a great business reputation was spreading. Unfortunately, two weeks ago their...
Home, Home on the …. Acreage?
The homestead exemption is way for someone who owes certain creditors to keep their home and ensure that creditors can’t claim it to pay a debt. This exemption was originally created in order to protect families from husbands, who might have gambling or alcoholic...
This makes me sick
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...
Relax! Your parents debts are not your problem..sort of.
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...
You Never Told Me That
Allen Firm Quick Tips You Never Told Me That “You never sent this to me.” “I never received that notice.” “This is the first time I have ever heard that.” Send important information to people in writing – preferably by letter or single-topic and clear email – and you...
Paint the Full Picture
Many people think they have property formed their new LLC when they have filed the Certificate of Formation with the State. If you only file the Certificate of Formation you are at risk of a creditor arguing this is a “sham/ shell” company that is not properly formed...
We won’t spam!