visinsights
Junior Member
What is the name of your state (only U.S. law)? CA / NV (establish organization in NV, but deceased in CA)
Over a year ago, father passed away. Still receive residuals from past work (and will continue to). We want to set up a trust or llc for the survivors for quarterly distribution of residual income.
There are 5 surviving children, 2 minors & 3 adults. We have already selected an administrator for disbursement of these residuals.
Which method is better for protection of funds (since organization of heirs aims to have zero balance in joint heir account).
My thoughts are to form an LLC w/ managing member as administrator/signatory w/ fiduciary responsibility. All other heirs as members.
thank you in advance for your input
Over a year ago, father passed away. Still receive residuals from past work (and will continue to). We want to set up a trust or llc for the survivors for quarterly distribution of residual income.
There are 5 surviving children, 2 minors & 3 adults. We have already selected an administrator for disbursement of these residuals.
Which method is better for protection of funds (since organization of heirs aims to have zero balance in joint heir account).
My thoughts are to form an LLC w/ managing member as administrator/signatory w/ fiduciary responsibility. All other heirs as members.
thank you in advance for your input