When a decedent dies and had a Last Will and Testament, the word ‘probate’ refers to proving to the satisfaction of the court that the Will is valid
If someone dies without a Last Will and Testament, that is known as ‘intestacy’ or ‘dying intestate’. The process for administration are very similar to probate.
Whenever someone dies an estate is created automatically under the law, and has nothing to do with how much money or property a person had when they died.
No. There is no law which says you have to hire a lawyer to probate a will.
An LLC is a type of business organization formed under state law, and for some owners and businesses have advantages over S Corporations. LLC’s can be taxed like partnerships, or like S Corps, or if owned by one person, the income from an LLC can be reported directly on the owner’s personal income tax return.
Corporations are created under New York State law; there is no such thing as a “federal corporation.” Corporations, just like individuals, have to pay income taxes on their earnings. Corporations are taxed by the IRS under either of two systems: Subchapter C, or Subchapter S. This is where the phrase “S Corp.” comes in. S Corps are usually more beneficial for small business owners, because the S Corp’s income tax is paid by the owners at their individual tax rates, which are lower than corporate tax rates.