Soulhuntre -> RE: Planning for BDSM couples (11/2/2005 8:36:14 AM)
|
quote:
ORIGINAL: FLButtSlut OBVIOUSLY this is intended for those who are seeking "life partnership" not a domestic servant, however, the issues of financial control are very important in either case when one partner is looking to take/give financial control to the other. I agree. My point was simply to interject the reality that not all BDSM relationships are, or have any intention of being, intimate in that way. quote:
ORIGINAL: FLButtSlut Your situation with an LLC is quite different, and I would hazard to guess that your "girls" names are not listed as partners in that company, rathat that you are bequesting it to them in your will which is quite different. You would be incorrect, though it isn't a bad guess. One of the great things about LLC's is the flexability afforded in their rules of operation and their ability to create their own structure this way. They are much, much more attractive than a "S" corporation for this purpose and obviously a "C" corp would be even more rigid. This is one of the reasons LLC's are great vehicles for joint ownership of somehting like an aircraft for example. You can put all the stuff about sharing maintenance expenses and so on right into the structure of the corporation and it's profit / expense distribution structure for example. In this particular case the LLC specifies the division of control between myself and several others. In the event of my mental incapacitation or death the amount of control given to my girls dramatically increases to fill the void. quote:
ORIGINAL: FLButtSlut As I have mentioned before, creating a dummy corporation in a relationship is not advisable nor would it be likely to find an attorney who would create such a document. Obviously a "dummy" corporation would have been pointless... but a real live functioning one seems to be doing rather well in this capacity. I needed to have a primary or base corporation for my enterprises in any case... it was convenient to combine that need with the house needs. quote:
ORIGINAL: FLButtSlut Having an LLC regarding your intellectual property is quite different than creating one for the purpose of controlling your "girls" income. I don't believe I indicated that that was my purpose - though for long periods of time it has effectively done exactly since often both of them do not have outside work. quote:
ORIGINAL: FLButtSlut It would be unethical for any attorney to create such a document without first proving that the person giving up financial control in such a way was incompetent. I am unsure wha "financial control" you are speaking of. Unless your trying to discuss this as an alternative to somehting like a power of attorney or somesuch? It isn't anythign liekt hat, nor is it intended to be. But then even an POA isn't a particularly strong instrument for giving away "financial control" in this situation. In this age of electronic banking and so on it is just as effective in many cases to have actual, as opposed to legal, control of their finances. quote:
ORIGINAL: candystripper With all due respect Sir, in every state insofar as i am aware, a person who dies without a will is treated as leaving his property -- all types -- to his children, to be divided equally amoung them, when that person has no spouse. YOu are correct as far as I know. quote:
ORIGINAL: candystripper However, if the property includes real estate or certain other circumstances apply, the estate must be probated. This generally includes shares in a corporation or LLC. Yes, it generally does. I don't recall saying I had no will at all, simply that I solved the rather sticky problem of persistance of assets via the LLC rather than the will. Unlike other corporation types the level of control one has in a LLC for decision making purposes is not necessarily deeply tied to the share distribution - it is one of the nice things about the structure. Unless the LLC itself "knew" how to handle (via its agreement) the transfer of power things would have gotten messy, will or none. So, if I were to die tomorrow my assets would be divided between the girls via the will. However those assets would be fairly minimal - everything I have that is of great value is already owned by the LLC itself. The rest is comparatively minor. quote:
ORIGINAL: candystripper Finally, there are certain undesirable tax consequences to using an LLC, and it has an expiration date...which in most states cannot be automatically set to evergreen. IMO, there are rare circumstances where a LLC is the desirable vehicle. Obviously everyone needs to look into things on their own. I certainly have no intention of dispensing legal or financial advice. The vehicle suited my needs because I already needed one. I would not reccomend it as the primary asset transfer vehicle for people who did not already need to have one anyway :) quote:
ORIGINAL: candystripper As i have said before "a little knowlede is a dangerous thing". A silly saying in my mind. It is only true if the people who have it don't realize it is only a little knowledge of a complex topic. Often, however, a "little knowledge" of exen a complex topic can be incredibly valuable. Snakes for example are a huge and complex topic. However the little bit of knowledge contained in "don't get bit by snakes that rattle" is while admittedly small and incomplete still valuable :) The end result of this threat is pretty simple... "You should think of what will happen if you die or are seriously hurt, and then go talk to a good lawyer about it".
|
|
|
|