LLCs allow tremendous flexibility for estate planning purposes. Naturally, estate planning is done to make sure your heirs are aided by your industry as opposed to creditors or the IRS. LLCs provide substantial protection of your assets from creditors. For instance, you may provide a membership interest to your heirs while still maintaining your control over the business even if your heir gets into legal difficulties with creditors.
Reaffirmation Agreements - A reaffirmation agreement is a contract between the debtor and a creditor under which the debtor agrees to pay a debt that would otherwise be discharged. To be enforceable, the reaffirmation agreement must comply with a number of conditions set out in 11 U.S.C sections 524(c) and (d).
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