Creditor Protection for the company. Both corporations and LLCs provide creditor protection for the owner. That is, if the company gets sued, the shareholders should be protected from that lawsuit through the limited liability concept for corporations and LLCs. However, if an owner of corporate stock is sued personally (a …
Family Values. Family Traditions. Family History. Money is nice, but passing down your family values, traditions and history is the richer inheritance. A 2012 Allianz Life American Legacies Pulse Study* which surveyed baby boomers (age 47 to 66) and “elders” (age 72 and older) revealed a high percentage of both …
Signing a new Will automatically revokes all prior Wills. Under North Carolina law, revoking a will or any part of a will can be revoked a variety of ways: a subsequent will or codicil a writing executed in the same manner as a will showing intent to revoke physically destroying …
In Clark v. Rameker, a case decided by the U.S. Supreme Court on June 12, 2014, the Court ruled that an inherited IRA did not constitute “retirement funds” under the Federal Bankruptcy Code and, therefore, those funds were not exempt assets of the bankrupt estate and were subject to the …
The law does generally not require meetings of Limited Liability Companies, Trusts, and Limited Partnerships. However, a Limited Partnership or Limited Liability Company (LLC) is a business, and most businesses do have regularly scheduled meetings of the management team and the owners. To help make sure my clients formalize this, …