You can make sure that your loved ones receive your assets in the proportion that you deem appropriate. A house to my son or daughter, jewelry for a loved one, a collection to my brother or any other asset, may be transfer to your loved ones in different ways, including a Will. A Will is designed, among others, to transfer your assets to your loved ones in the proportion that you want and deem best.
Trusts my be an effective tool to manage assets during life and transfer assets, without probate, upon passing. Such transfers may include requirements for the care of a loved one with special needs and eventual sale and distribution of proceeds for loved ones.
When leaving a real property to a loved one, through a Will or Trust, tax law may allow the step-up in the basis of the asset so that upon the sale of the asset by your loved one, the tax effect of the sale is significantly reduced.
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C CORPORATIONS are separate legal entities completely separate from its owners or shareholders. Generally, C Corporations are managed through Articles of Incorporation and their lives are generally indefinite assuming a going concern.
S Corporations, like C Corporations, have shareholders but like Partnerships do not pay taxes only report taxable income through K-1 statem
Partnerships are different from C Corporations in that their owners are Partners and not shareholders. Partners and shareholders have different legal and tax implications. When it comes to federal income taxes, Partnerships do not pay income taxes but report the various categories of taxable income to its Partners through K-1 statements.
LLC's or LIMITED LIABILITY COMPANIES
LLC's are also different from C Corporations and Partnerships in that LLC's have Members and not Partners or shareholders, each type of ownership with different legal and tax implications. An LLC with more than 1 Member becomes a Partnership by operation of law but may opt to be an S Crporation or a C Corporation.