conversations.from: human
conversations.value: What could be a title for a book about Brand, Estate, Planning with the genre: Business & Money, Personal Finance?
conversations.from: assistant
conversations.value: A title for this book could be 'Estate Planning'
conversations.from: human
conversations.value: Give me the first five paragraphs for this book.. End with the sentence ' It also could contain clauses for the selection of Mark's successor.'.
conversations.from: assistant
conversations.value: Estate Planning
  The U.S. Small Business Administration (SBA) can help you with your myriad questions, either in setting up a business or running one. It might have an office in your city. The website is sba.gov.
  Let's say the partnership's net income for 2015 was $21,000, as reported on IRS Form 1065, "U.S. Return of Partnership Income." Because each partner has an equal share in the profits, each will report $7,000 income on his or her individual tax Form 1040, "U.S. Individual Income Tax Return."
  Our detectives might dissolve the partnership for several reasons: death or retirement of a partner, consensus termination, or involuntary termination by a court. Usually the latter involves bankruptcy.
  In this case, Mark, while on a stakeout, chokes while eating a donut and dies. Because the partnership has no agreement, it has to terminate the business; pay its creditors; and distribute any balance left to Violet, to Rip, and to Mark's estate.
  A partnership agreement could have provided that the company would continue on the death or retirement of a partner. It also could contain clauses for the selection of Mark's successor.
conversations.from: human
conversations.value: Give me five more paragraphs.
conversations.from: assistant
conversations.value: Never use a codicil to reduce the amount a beneficiary is to receive from your will. You are almost guaranteed a will contest from that disappointed individual. Make a new will instead.
  Togetherness is fine, but there are some things you just gotta do on your own. Making your own will is one of them. You and your spouse should have separate documents. The provisions can be reciprocal: everything to each other and then to the children. Or you can make different provisions.
  Just don't have a joint will. When one of you dies, the surviving spouse may not be able to change the will without running the risk of a contest. Those who were beneficiaries in the joint will, but are no longer in a subsequent will, may claim the surviving spouse was legally bound to the provisions in the joint will.
  Frequently, we have several items we'd like to leave to particular family members or friends, but we don't want to list them in a will. Most state laws allow you to prepare a list of that property and the names of persons you want to receive those items. Many states require that such a list must exist at the time the will is executed and not subsequently be changed, and that the list be in the testator's handwriting or signed by him or her.
  It's easier to decide what property to give a person and put that devise in the will. As to other items, consider making gifts now, or leave a letter to your beneficiaries asking them to distribute those mementos among your family and friends. The letter will not be legally binding, but your beneficiaries will probably honor your wishes.
conversations.from: human
conversations.value: Give me the last paragraph.
conversations.from: assistant
conversations.value: He currently serves on the school board for the Metropolitan School District of Perry Township, Marion County, Indiana, and was honored as the Indiana School Board member of the year for 2004.