Unless a different tax election is made by the taxpayer, the IRS treats Sole Member Limited Liability Companies as a “disregarded entity”.
What Documents Seller-Finance a Mobile Home Property Sale?
Most states treat a mobile home as personal property, not real estate. The land must be treated separately from the mobile home itself.
Given that, to sell a mobile home using seller-financing, two different documents must be prepared to handle the two sides of such a transaction: a Personal Property Lease for the mobile home, and a Land Contract for the ground on which it sits.
Can Mom Buy a Car For Me If I Just Filed Bankruptcy?
The information in the filed Bankruptcy paperwork is a snapshot of the assets and liabilities of the debtor as of the date of filing.
Can I Create a Testamentary Trust with Standard Legal?
Standard Legal believes that most people decide to create a Living Trust primarily to avoid Probate Court for their beneficiaries after their own passing.
A Testamentary Trust does not avoid Probate.
Can I Change a Filing on a Reaffirmed Vehicle?
If a Chapter 7 Bankruptcy filing is made and a personal vehicle is reaffirmed (i.e. chosen to be kept by the filer with continuing payments to be made) within that filing, it is still possible to change the filing, not reaffirm the car, and surrender the vehicle back to its creditor.
How is Future Income Covered in a Trust?
Unless some other instruction is provided within the Living Trust document, future income or interest generated from the Trust’s assets is usually property of the Trust.
Can I Change My Corporation to an LLC?
Except in some highly complex cases that typically do not apply to a small or medium sized business, a company that is set up as a Corporation cannot change that designation to a Limited Liability Company.
Must a Land Contract Be Terminated if the Buyer Defaults?
A filed Land Contract where the Buyer has defaulted and moved out should be terminated so that there are no clouds on the title to the real estate should the property be sold in the future.
Is an Automatic Stay Form Included in Standard Legal’s Bankruptcy Package?
A “Motion to File Automatic Stay” (more appropriately, a ‘motion to impose the automatic stay’) is not a standardized bankruptcy form. Rather, it is a filing required under 11 U.S.C. ยง362(c )(3) & (4) when a previously filed bankruptcy case is dismissed.
Can My Will Pass Everything to My Spouse, Then As I Direct After My Spouse Dies?
It’s a common question: can my Last Will and Testament be set up to pass everything to my Spouse when I die, then later distribute our assets as I direct after my spouse dies?