Gotta agree with Ray, that trusts are generally just a device for lawyers to get their hands in your pocket. I have never written a revocable trust for anyone, and never will. I do write a lot of deeds to get folks out of them. Most of the time, their only purpose (avoiding probate) is thwarted because folks don't put everything into them, so have to do a probate anyhow. The trust hawker is happy to write it up, then just tells you to put everything in it as he hustles you out the door- people don't realize there is more to be done, and don't have the slightest idea of what to do, so it lies ignored until they die.
Around here, trusts tend to cost about $3,500, and most of my probates run around 2 grand. If you want to spend 3500 to save 2000, I might have some swamp land you would be interested in.
As far as LLC vs. corporation, usually an LLC is fine if its a business entity like a family farm, that doesn't anticipate strangers or investors buying into it. LLC has the same legal effect, but lacks all the silly things in a corp that make you say "Why do we have to do that?"- like issuing shares, annual meetings, board meetings, etc. The only real legal advantage of either is avoiding liability, and I recommend you insure for that rather than trusting the business entity.
There can be some advantage as far as paying into social security is concerned, in certain circumstances. "Ask your tax professional".
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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