Topic: FAQs

How-to-Open-a-Bank-Account-for-an-Estate-of-Deceased-Individual

How to Open a Bank Account for an Estate of Deceased Individual

After someone dies, all of their possessions become part of their estate, and at the same time, their estate becomes responsible for their debts. Additionally, if the estate earns money, the estate may have to pay taxes. For example, if the estate owns rental property, the rent is income for the estate, and by extension […]

Trust-vs-Non-Profit-Organization-What-is-the-DIfference

Trust vs Non-Profit Organization | What is the Difference?

Trusts and nonprofits are completely different types of entities. A nonprofit organization is a charity or similar type of entity that does not pay profits to owners or shareholders. Nonprofits can be quite small and run on a shoestring budget, but they can also be multi-million dollar entities that pay large salaries to their employees. […]

LLC-vs-Estate-of-Deceased-Individual-What-is-the-Difference

LLC vs Estate of Deceased Individual | What is the Difference?

The estate of a deceased individual consists of all the assets owned by someone at the time of their death. In contrast, a Limited Liability Company (LLC) is a legal business structure. These two entities fill very different legal and business roles. Keep reading to learn about their similarities and differences. Apply for an LLC […]

What-is-an-EIN-Number-Employer-Identification-Number-EIN-Manual

What is an EIN Number? | Employer Identification Number (EIN) Manual

When you launch a business, you have to choose your business name carefully. In most cases, the name you select has a big influence on your branding efforts and on the clients you attract. However, many businesses have the same names as other businesses, and because of that, you can’t just write down your business […]

LLC-vs-Sole-Proprietorship-What-is-the-DIfference

LLC vs Sole Proprietorship | What is the Difference?

An LLC and a sole proprietorship are both types of businesses. A Limited Liability Company or LLC is a legal business structure, created under state laws, that can take a range of different forms and be taxed in a variety of ways. A sole proprietorship is an unincorporated business owned by one person who pays […]

How-to-Form-an-Irrevocable-Trust

How to Form an Irrevocable Trust

An irrevocable trust can shelter you from income and estate taxes, protect your assets from creditors, help heirs avoid probate, and provide you with other benefits, but you need to set up these trusts carefully as they cannot be changed, modified, or terminated once established. Wondering how to set up an irrevocable trust? To point […]

How-to-Form-a-Revocable-Trust

How to Form a Revocable Trust

The definition of a revocable trust is a living trust that can be changed or altered once established. After your death, your revocable trust becomes an irrevocable trust, and the assets in the trust get distributed to your beneficiaries without having to go through probate. In addition to helping your heirs avoid probate, revocable trusts […]

Trust-vs-Estate-of-Deceased-Individual-What-is-the-Difference

Trust vs Estate of Deceased Individual | What is the Difference?

Sometimes people confuse trusts with estates of a deceased individual because they can both play a large role in how someone’s assets are handled after their death, but these concepts are not the same at all. While you’re living, your estate includes all your assets such as bank accounts, investments, and property, and upon your […]

What-is-a-Revocable-Trust

What Is a Revocable Trust? | IRS Definition of a Revocable Trust

A revocable trust is a living trust that can be changed or canceled as desired by the person or persons who created the trust. In contrast, an irrevocable trust cannot be revoked, meaning that changes or canceling the trust is nearly impossible. An irrevocable trust offers a number of advantages. To help you decide if […]

What-is-an-Irrevocable-Trust

What Is an Irrevocable Trust? | IRS Definition of an Irrevocable Trust

An irrevocable trust is a trust that cannot be changed or canceled. To break it down, a trust is a financial relationship where a trustor or grantor gives a second party called a trustee the right to hold assets for the benefit of a third party referred to as a beneficiary, and irrevocable means unable […]

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