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BENEFICIARY SERVICES215 West Loucks Street Sheridan, Wyoming 82801-4226 Phone: (307) 459-4653 Fax: (413) 751-9511 Email: info@beneficiaryservices.com We Are Here To Help You Make The Most Of Your Estate Plans For Additional Information and Pricing Please Contact Your Equity Planner Corporations A body formed and authorized by law to act as a single person although constituted by one or more persons and legally endowed with various rights and duties including the capacity of succession. An association of employers and employees in a basic industry or organized members of a profession. Corporations are created, not born, with the legal status of a person. They are, in effect, created of legal age, in any state that the owners choose, have the ability to contract, make loans, make sales, pay expenses, etc. Although they obtain their own social security number (known as an electronic identification number), they have no social security taxes to pay for themselves because they are not physical persons. They do have to file tax returns, open checking accounts, and have a headquarters. The common difference between corporations and a person, is that corporations have only one function, namely, to turn a profit for the stockholders. They are created by an operation of law by their state of incorporation. Limited Liability Companies The limited liability firm is a triumph of comparative law in action. In 1977, Wyoming became the first American state to enact a true Limited Liability Company act modeled after the 1892 German GmbH Code and the Panamanian LLC. The Wyoming Limited Liability Company Act permits the formation of LLCs organized for any lawful purpose except the business of banking and insurance. Wyoming Stat §17-15-103. In addition to limited liability, the Wyoming Act has the same four basic characteristics of the European and Latin American codes that distinguished this entity. First, Wyoming requires a form of the word "limited" in the entity's name. Second, the entity is given full juristic personality. Third, the partnership concept of "delectus or intuitus personae" which permits a partner to control admission of new partners to the partnership is present. Fourth, Wyoming's Act provides that Limited Liability Companies must be dissolved by death of a member and provides for probate or sale of a deceased's share. In addition, the Wyoming Act contains a provision that excludes members or managers from litigation involving the business. Most Limited Liability Company acts have followed this lead. Limited Liability Company (LLC) An artificial entity created under and governed by the laws of the jurisdiction in which it was formed. Limited Liability Companies are generally able to provide the limited personal liability of corporations and the pass-through taxation of partnerships or S Corporations. A Limited Liability Company is a type of hybrid business structure that provides the limited liability features of a corporation with the operational flexibility and tax advantages of a partnership. It has become a popular choice for sole proprietors who are looking to incorporate for protection of assets or to secure additional loans. Limited Liability Companies are one of the easiest and least expensive forms of ownership to organize. The Limited Liability Company is now recognized as a business structure in all 50 states and the District of Columbia. Limited Liability Company owners are called members and can be individuals or other companies, including non-US citizens and non-US residents. Limited Personal Liability The protection generally afforded a member of a limited liability company from the debts of and claims against the company. Will The document used to probate one's estate and legally proclaim the beneficiaries of any assets one has left over after payment of all taxes due. Pour Over Will A specialized will that leaves all left over assets to a Pour Over Trust rather than named individuals. It is a probate privacy device keeping the beneficiaries of an estate private and away from public records. Trust An agreement whereby a person or entity (Grantor) gives assets to another person or entity (Trustee) to legally under contract hold the assets for a period of time for the use and benefit of another person or entity (Beneficiary). Pour Over Trust The receptacle of any assets left over in one's estate to be the beneficiary of the pour over will. Specialized Terms Used with Many Trusts The word "shall" is always mandatory and not merely directory. The term "and" and "or" are terms of inclusion and not of exclusion and shall be construed either disjunctively or conjunctively as necessary to bring within the scope of this Declaration of Trust.
The term "individual" means a natural person.
The term "natural person" means a living, breathing man or woman irrespective of the biological age of such man or woman and does not include artificial persons created or recognized by law as separate entities such as partnerships, corporations, trusts, estates, cooperatives, associations, government or governmental subdivisions or agencies, or any other juristic person.
The term "person" means any partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or (without limitation or qualification) any other type of juristic person.
The terms "death" and "deceased" mean the permanent cessations of all vital functions.
The terms "incompetent" and "incompetence" mean the incapability of an individual to administer or manage such individuals’ affairs. A determination of incompetence shall be made in accordance with generally accepted medical standards and: a) be made by a minimum of two independent competent physicians, and b) be based on valid medical evidence.
The term "medical evidence" means evidence furnished by doctors, nurses and other medical personnel testifying in their professional capacity as experts.
The term "accounting" means any of the following: a) a narrative or record of events, b) a reason given for a particular action or event, c) a report relating to one's conduct, d) a basis or grounds, e) a formal banking, brokerage, or business relationship established to provide for regular services, dealings, and other financial transactions, f) a precise list or enumeration of financial transactions, g) money deposited for checking, savings, or brokerage use, h) a customer having a business or credit relationship with a firm, i) worth, standing, or importance, j) profit or advantage. |