Estates 101: Insolvency

You’ve added up all the numbers.  Probably three times, because you were horrified the first two times.  But no matter how you slice it, the estate’s assets just won’t pay all the debts.  The estate is referred to as “insolvent”. What do you do? Priority of debts.  Suppose the estate has $10,000 in assets and… Continue reading Estates 101: Insolvency

Estates 101: Inheritance

All right.  You’ve sold all the assets the estate is going to sell and you’re ready to close this chapter of your life, at least legally and financially.  You have to settle the accounts. The optimistic ending.  So in theory, at this point, you take all the money the estate has.  You pay off all… Continue reading Estates 101: Inheritance