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Guide to Family Limited Liability Companies (LLC)
Summary: A family limited liability company provides an effective solution to many of the problems which arise from ownership of property by multiple family members. The family limited liability company provides consolidated management and a mechanism for decision making with respect to the property, protection of the property from the individual family members’ creditors, and a structure to keep the property within the family by extremely limiting the means by which the property may be transferred to a person outside the family.
Changes to Planning for Retirement Accounts Brought on By the SECURE Act
New federal legislation this year, the Setting Every Community Up for Retirement Enhancement or SECURE Act brought about several changes to retirement accounts including IRAs and 401(k)s. The changes include an increase in the age for the start of required minimum distributions, an increase in the age cap for contributions to a traditional IRA, and some tweaks to the distribution options for death beneficiaries.
58 Words Commonly Used in Estate Planning and Estate Administration with Definitions
In this post, I provide a list and explanation of 58 commonly used terms in estate planning and estate administration.
Accounting: A report of transactions taking place during a certain time period. An accounting may be provided to the court or to individuals such as beneficiaries of a trust. Guardians, conservators and estate administrators are typically required to submit an accounting to probate court.
