The artist formerly known as “The Artist Formerly Known as Prince” had no known will or trust at the time of his death. Because Prince left no will or trust, the probate laws of the State of Minnesota will decide who inherits his massive estate, and in what percentages.
When you hear the word Estate Closing you may think of one of your favorite movies about someone dying and leaving their assets to family members in a creative fashion. Typically, there is a scene depicting the reading of a Will by the attorney around a large conference room table and the gasps of frustration or sighs of relief. Of course, shortly thereafter, everyone receives what was stated in the Will and the story moves on.
Some of you may just be diving into your books for last year and preparing to file your tax returns. In fact, you may be ahead of the game trying to tackle your books in February. Most small business owners extend and push their bookkeeping into the summer wishing they had done better bookkeeping this past year yet don’t know where to start.
In my book “Lawyers are Liars – The Truth About Asset Protection,” I begin by dispelling some of the most common Myths in Asset Protection. (I’ve made a few enemies in the process). I promise you that this information can save you thousands of dollars, as well as a tremendous amount of time and heartache. Let’s begin our asset protection journey by first destroying these myths.
Both LLC’s and Corporations will generally shield their owners (i.e. Members or Shareholders respectively) from liabilities incurred inside the LLC or Corporation.
This is a special type of trust that can give significant asset protection in any type of lawsuit and is one of the best ways to protect your personal residence in a State where the Homestead Exception is so low it’s essentially useless.