Incorporate in Nevada

NEVADA CORPORATIONS

*Excerpted from The Nevada Corporation Manual*

Long-term Corporate Planning (Estate Considerations)

• Strategic objectives: For long-term corporate planners concerned with estate considerations, this strategy allows for leaving an estate without probate costs and problems; controlling that estate while alive; development of a corporate base in the haven of Nevada; asset protection; tax savings.

• Tactics and tools: Nevada corporation (corporate shell); limited partnership; management agreement (or maybe not); irrevocable proxy and accompanying agreement

Example of how it works: You form a Nevada corporation in whatever name you wish, i.e., "Smith". You place within it all assets: home, autos, stocks; all personal assets of value or importance. Then, you issue stock in the corporation to your heirs-divided any way you wish according to likes, dislikes, earned advantages, etc. The stock should be issued as nonvoting until your demise (or the demise of, say, both parents)--any way you want it. Then, when you become deceased the selected one's stock voting rights become activated and preselected board members, etc., take control of the "business".

You must carefully write your instructions into the Bylaws of your corporation so everything continues to work like clockwork. There is no probate, [there are] no holds on bank accounts-the corporation continues to function as if you had only replaced the Chairman of the Board. At this point don't get hung-up on such as S-corporations, trusts or other tidbits.

You will still want a personal will. It should be kept right along with the corporation records and stock sheets. It is SOLELY for the purpose of preference in seeing to it that you decide who will get the personal articles, i.e., ring or broach etc. If you trust your heirs enough to leave them anything, then you might trust them enough to follow your "wishes" as to things like whether you are buried or cremated or other such personal directives. After you are gone it is pretty much up to those who are left anyway. A corporation, however, ensures at least some of your wishes will be given follow-through. For the "will" you will find a handwritten or simple list of instructions is suitable-you certainly do not need and accountant or attorney. This is, however, why they will make an effort at dissuading you from taking this avenue of protection. In the long run, you will save a large percentage of your estate money and ensure proper distribution, for you will NEVER need those third parties and their expenses.

Personal debts of partners should be evaluated and placed into their proper categories and charged against the individual accounts in order to preserve the basic status of the corporation itself. There should be no quarrel, just good business attended, and that without dispute. At the demise of a "partner" the remaining partners must bring the records up-to-date, settle the intended instructions to cover properly all past decisions and restructure the corporate officers' roster to suit the needs and for the convenience of ongoing business and settlement. Now, if there have been misuses of the corporation as to borrowings, outstanding debts of some personal nature without full approval of the Board of Directors, there is possibly no demand against your corporation but will fall to the individual estate of the departed party or the party's other corporations or holdings. Careless use of a corporation does not make the carelessness valid nor impacting of all parties to the corporation. Long-term corporate planning is not just for estate planning. Estate planning by itself is done in contemplation of death, and such planning has tax implications and interpretations by the IRS that simply don't apply here-at all. When you have done your long-term corporate planning, then you have successfully accomplished a dynamic feat. A few personal notations to be carried through and the rest is set to simply continue. Those instructions can be left with the corporate records or management persons. Even if you have neglected to do your personal structuring, it can be set forth as desired by those who will come to set forth the individual corporate setup which attends the circumstances.

Set up the family estate as a corporation and the corporation simply carries on after your demise-as established or desired according to YOUR wishes-after your "resignation" through retirement or death or whatever you might choose. It also keeps the kids from fighting over the spoils as they perceive them. Why is this a dynamic feat? Because with your long-term corporate planning little exists for a lawyer to muddle. Your estate isn't consumed by legal expenses or taxes. That is why some lawyers are not going to tell you how to take advantage of long-term corporate planning. It is bad for their business-unless of course, they choose to work in our corporate management services where it is their JOB to inform you and then protect you from raiders. This brings to attention one other reason to keep your corporations small-to avoid the raiders who feast on big corporations to make their "kill".

We have no wish to raid any corporation and we expect to protect our projects from raiders and robbers. Don't expect that the tax collectors will tell you these things because they would be unable to rip apart the results of your life's work with tax grabbing. What is the magic here? Well, let's face it, corporations are immortal (unless terminated by statute or by the corporate "articles"). Corporations do not cease to exist because one of their key people does.

NEVADA WANTS YOUR BUSINESS.

CALL US FOR A FREE CONSULTATION 702-616-1929

**Information on this site is not intended as and shall not be construed to be LEGAL ADVICE. When dealing with legal matters, you should always avail yourself of the services of a qualified member of the Bar Association or Certified Public Accountant**

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Xtreme Business Solutions, Inc.
P.O. Box 50729
Henderson, Nevada  89016
(702) 616-1929 - Telephone
(702) 616-9787 - fax
Email: info@NevadaCorporations.biz

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