Posted by kyhayman on March 12, 2012 at 19:09:58 from (99.197.64.56):
In Reply to: Ot post: wills posted by JayinNY on March 12, 2012 at 16:43:53:
Sit down with your attorney and get it written up local and legal for your state. I cant imagine not having a will, a trust, an estate and succession plan, and an LLC in your situation. Set the business up with your brother as an LLC, get stuff thats part of the business in the business and gets rid of that pesky unlimited liability for partners thing.
As to wills and trusts. Thats up to what and how you want it set up. All I can offer is what Ive done. As Im divorced and intend to stay that way, and have one biological heir and Im done procreating, with no partners in business I choose to not use and LLC and carry liability insurance out the wazoo. Other than that Ive got a will and a trust set up for my son. Trust is set up through the bank I use, with income from the trust going to pay my sons support at the level specified for child support by the Commonwealth until he has reached the age of majority. When and if he attends college or further education that level of support shall continue to him each month. At the age of 24 he gets 1/3 the value of the trust, another 1/3 at 27, and the balance at 30.
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