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Law Office of C. Stephen Gurdin Jr
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Limitation of liability is not absolute. Controlling Shareholder liable for employee wages. A sole or controlling stockholder may be held liable for the wages of employees, even though the corporation is the actual employer, due to the Pennsylvania Wage Payment and Collection Law.

http://www.gurdinlaw.com/shareholder-may-be-liable-for-wages-of-corporate-employee/
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When a bankruptcy is filed the person filing is called the Debtor. The filing creates an estate called the bankrupt estate, and all of the Debtor’s property is placed in this estate. This property includes all the Debtor owns or is entitle to receive. The property is protected by a stay in order to allow the creditors to recover what the Bankruptcy Code allows in a fair and reasonable way rather than allowing the creditors to attach the property in a piecemeal fashion. This also allows the Debtor to get a fresh start free from debt.

http://www.gurdinlaw.com/property-of-the-debtor-protected-by-the-bankruptcy-filing/
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Certain property which falls within the description of property of the estate is exempted either by exemptions established by the U.S. Congress, called Federal Exemptions, or by exemptions established by states, called State Exemptions. in some states Debtors are free to choose either the Federal or the State Exemptions. Pennsylvania allows such a choice. Property exempted from the bankrupt estate is not subject to the claims of creditors.

http://www.gurdinlaw.com/the-federal-exemptions-as-established-by-congress/
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Limitation of liability is not absolute. Controling Shareholder liabile for employee wages. A sole or controlling stockholder may be held liable for the wages of employees, even though the corporation is the actual employer, due to the Pennsylvania Wage Payment and Collection Law.

http://www.gurdinlaw.com/shareholder-may-be-liable-for-wages-of-corporate-employee/
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From the blog: "The value is the fair market value. This is construed to mean the price at which the property would change hands in an arm’s length transaction between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of the relevant facts. The valuation issue may arise in the context of inclusion of property in the estate or in computing a deduction or exemption."

Full article: http://www.gurdinlaw.com/estate-tax-valuation-business-freeze/
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Buy-Sell agreement: This agreement is utilized to protect the decedent’s spouse or family, fix the value of the business interest for estate tax purposes and preserve business management. So long as the agreement is a true business agreement and not a device to pass property at less than fair market value, and its terms are comparable to similar arrangements between arm’s length individuals, the values agreed upon will be accepted. The agreement must place a restriction on the stockholder for disposal of his or her interest during life.

http://www.gurdinlaw.com/estate-tax-valuation-buy-sell-agreement/
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"A debtor may avoid a lien that impairs an exemption to which the debtor is entitled, if the lien is created by a judicial proceeding such as a law suit or if the lien arises in connection with a loan other than a loan to purchase the property to which the lien attaches."

http://www.gurdinlaw.com/avoiding-liens/
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"The debtor must appear and submit to oral examination, under oath, at a meeting of creditors convened (called brought together and conducted) under section 341 of the Bankruptcy Code. The meeting is convened (called and brought together and conducted) by a trustee appointed by the Office of the United States Trustee, a division of the United States Department of Justice. The purpose of this meeting is to enable the Trustee and creditors to discover and preserve assets."

http://www.gurdinlaw.com/the-341-meeting/
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For a husband and wife, there is an unlimited marital deduction available that will allow property of the first spouse to die to pass to the surviving spouse without the payment of estate tax, thus preserving the property to support the survivor. To the extent that the assets are not consumed, they may be taxable in the survivor’s estate. The surviving spouse may take advantage of any estate tax deduction unused in the estate of the first spouse to die.

http://www.gurdinlaw.com/estate-tax-husband-and-wife/
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When a bankruptcy is filed the person filing is called the Debtor. The filing creates an estate called the bankrupt estate, and all of the Debtor’s property is placed in this estate. This property includes all the Debtor owns or is entitle to receive. The property is protected by a stay in order to allow the creditors to recover what the Bankruptcy Code allows in a fair and reasonable way rather than allowing the creditors to attach the property in a piecemeal fashion. This also allows the Debtor to get a fresh start free from debt. http://www.gurdinlaw.com/property-of-the-debtor-protected-by-the-bankruptcy-filing/
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