Client Types: Rapid Fire

What this video covers

• Why sole proprietorships and general partnerships carry unlimited liability, and how a limited partner blows up that protection by crossing into management
• How limited liability companies (LLCs) and S corporations combine liability protection with pass-through taxation, and why C corporations stand alone with double taxation
• The S corporation shareholder cap of 100 U.S. individual owners and its single-class-of-stock restriction, and why foreign investors are barred
• The three trust roles (grantor, trustee, beneficiary) and the trustee's fiduciary duty under the Uniform Prudent Investor Act (UPIA)
• Why revocable trusts avoid probate but stay in the taxable estate with zero creditor protection, versus irrevocable trusts that remove assets from the estate
• How charitable remainder trusts (CRTs) and charitable lead trusts (CLTs) mirror each other, including the 10% remainder threshold and 20-year maximum term for CRTs
• The 5% annual distribution rule and 1.39% excise tax that apply only to private foundations, and why donor-advised fund (DAF) donors can recommend but never compel a grant