Family Corporations
Family Corporations can provide the same benefits as family limited partnerships (transfer of assets outside the estate, avoidance of probate, [less] protection from creditors and bankruptcy) and were the preferred vehicle prior to family limited partnerships coming into vogue in the late ‘70's. The disadvantage of family corporations is that the shareholders control the corporation and if the children have a majority of the shares, the parents often lose control of the assets transferred.
Estate Planning for Everyone -
Step-by-step:
- Make a will.
- Consider a trust.
- Make health care directives.
- Make a financial power of attorney.
- Protect your children's property.
- File beneficiary forms.
- Consider life insurance.
- Understand estate taxes.
- Cover funeral expenses.
- Make final arrangements.
- Protect your business.
- Store your documents.
How Living Trusts Avoid Probate
It's about as easy to prepare a living trust as
it is to write a will. But property left through a
will generally goes through probate, causing survivors delay
and expense.
(Probate involves appraising the property, paying debts,
and distributing the remainder.) When you make a living trust -
a device in which you hold property as a "trustee" -
your surviving family members can transfer your property quickly
and easily, without probate.
Complete Estate Planning - Living Trusts - Living Wills - Power of Attorney
