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Should You Update Your Estate Plan After Buying Out-of-State Property?
Leaving instructions in your estate planning documents on how a seasonal property will continue to be used and/or owned after your death, can prevent friction amongst family members and ensure your investment can be enjoyed for decades to come.
The limited liability corporation, or LLC, is designed to combine the flexibility and simplicity of a basic partnership with the protection of a corporation. “LLC” stands for “Limited Liability Company” and owes its name to the fact that the members (owners) of the LLC are not personally liable for the debts and liabilities of the business.
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The Connelly vs. IRS ruling has significant implications for buy-sell agreements and corporate redemptions.