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Confused! Starting a very small business that requires a federal ID.: I need protection for my private holdings. The process is very confusing as whether to list as sole/owner, corp, LLC. Help!

Asked about 2 years ago in Business

Stephen’s answer: You are smart to be looking in how to use the legally-available protection tools for your new business. If you will be running the business with someone else, it is "more often than not" best to choose a Limited Liability Company (LLC) to operate the business. However, every situation is different. If you are starting out alone, a single-member LLC or a corporation may be an option for you, but you need to discuss that with an attorney. It is unique to you. Furthermore, note that some business owners go an extra step to form a particular type of trust to protect personal assets as well. It may be confusing when reading about options on the internet - but sitting down with an attorney who does this should give you clarity. An attorney can ask you the right questions, advise you on alternatives specific to you, and answer questions to point you in the right direction.

Answered about 2 years ago.


What is needed to be removed as one of the heirs of a house in TN?: Dad passed away this year and left his mortgage-free, lien-free Tennessee home to all of his kids in his will. I do not want to be included. What can I do to have my name removed? We didn't plan on having the will probated. Thanks.

Asked about 2 years ago in Probate

Stephen’s answer: If you do not wish to own the home, a disclaimer of your interest must be done PRIOR to 9 months from your dad's date of death. If you wish to disclaim it because of your own personal creditor issues or TennCare/government benefits, you really should talk to an attorney about this decision to verify that it will not disturb your benefits or create problems for you with creditors. Don't delay since the disclaimer statute has a deadline.

Answered about 2 years ago.


My elder relative has died, I'm the closest next of kin. I can't afford an lawyer at this present time.: My elder family member has just died. I need an Attorney but don't have the funds to retain at this time what I do have is deeds to property owned by me. I need to know whether I should open a petition for probate Pro-de until my funds are available which should be the end of May. I need to do this before an outsider comes in to claim executor. I need advice.

Asked about 2 years ago in Probate

Stephen’s answer: You should check to see if a formal probate administration is actually "required" before opening a probate estate. Note that joint accounts (with rights of survivorship) and Pay on Death accounts may be accessible without probate - just ask the bank. Real estate is likely to need probate unless a "life estate" were used by your relative. If you wait until you have money for an attorney, you should still gather up all date of death asset information and get a death certificate in preparation for the first meeting. Knowing how assets were titled is the first step. If you have a family member who is trustworthy who can step in now, that might not be so bad for you, because handling an estate would be a lot of work for you, even if you hire a lawyer.

Answered about 2 years ago.