I would visit with an attorney or CPA to look at everything to make the determination. However based on your facts you should like a single member LLC. Just my thought but this is not advice, merely an idea based on what you said.
You may be correct that you were named in the will. It is also possible that the will was not probated yet (you also have to check the county - it would be in the county where the deceased resided at death which could be debatable in some situations). You could check with the office directly, but most likely it sounds like the executor must be forced to produce and/or probate the will which requires court action.
I am not a NC attorney but I would surmise that the rules are the same on this issue in most states. You may have 3 co-agents under a POA. Personally I think it is somewhat unwieldy but I do not think there is any prohibition against it. Of course, the principal (your mother) has the final say as it is her choice.
The prior attorneys are correct. A big misconception is that life insurance does not generate any tax. It is INCOME tax free to named beneficiaries. It is included in the decedent's taxable estate for estate tax purposes if owned by the decedent and not an ILIT.
The prior answer is correct in that the laws of intestacy (what happens if you die without a will) in PA would provide: $30,000 to surviving spouse, then 1/2 of what is left to surviving spouse with the remainder to the child (if the child is a minor, it would be held by the court). For that reason alone it is probably a good idea for him to have a will. Most married couples with young children would want the surviving spouse to get everything before anything goes down to a child.
Assuming you are a resident of NJ, from a tax perspective, your granddaughter will not pay inheritance tax for any property you pass to her. You say that the "house would not qualify for the estate tax" which i assume to mean you believe that your total taxable estate does not exceed either the NJ estate tax exemption ($675K) or federal ($5 mil.). I also assume that when you say your estate is not that large you are including all assets you inherited in any way from your husband that are now a...
I agree that your operating agreement can basically be whatever you want it to be, but I also agree with the other attorney that it doesn't make sense to give this person a percentage if they are (perhaps) buying in but get no return, no income, no control or anything else?
If there is no will, the estate would pass down to his legal heirs. If there is no spouse and no other children, the son would take his fathers assets but that doesn't mean he doesn't have to pay father's debts first. An estate should be opened to do all this properly.
If your mother owned the house in her name at death then the house has to go through probate which means an estate representative has to be named. Your sister, if she is not the estate representative, cannot do what you are proposing. You should see an attorney to walk you through the probate process.
You are confused by something very common among people who deal with these types of situations as you are now. You need to visit with an estate planning or elder law attorney to see if any of these issues can be addressed. As a basic explanation note the following: 1. When you refer to the $13,000 gift per person you are referring to the amount the IRS allows someone to exempt from GIFT tax each year (it's now $14,000 as of 2013) without having to file a gift tax return or have the amount...