Question 1

What is probate?

Accepted Answer

Probate is the legal process of administering the estate of a deceased person, resolving all claims, and distributing the deceased's property under the valid will or state intestacy laws.

Question 2

What is the difference between a "C" corporation and an "S" corporation?

Accepted Answer

The main difference between a "C" corporation and an "S" corporation is the way they are taxed. A "C" corporation is taxed as a separate entity, while an "S" corporation is a pass-through entity, meaning the profits and losses are passed through to the shareholders' personal tax returns.

Question 3

Why is it important for every adult to have a will?

Accepted Answer

Having a will is important because it allows you to specify how your assets and property should be distributed upon your death, ensuring your wishes are carried out and avoiding potential conflicts or disputes among your loved ones.

McQuillan & Hohman Law

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Frequently Asked Questions about McQuillan & Hohman Law

What is probate?

What is the difference between a "C" corporation and an "S" corporation?

Why is it important for every adult to have a will?

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