Memory IN LOVING
What Are the Duties of an Estate Executor?
Estate executors are trusted individuals who handle the settlement of a deceased person’s estate. The duties they perform ensure that property and other elements of the estate are distributed according to both the provisions of any existing will and current probate law. As an estate executor, a person must perform specific fiduciary duties. If a person does not specify the person they want to act as executor prior to their death, and if no one else comes forward to volunteer for the duties, the court appoints an estate administrator to carry out the executor’s tasks.
Primary roles
Estate executors perform multiple roles for the deceased’s estate. These roles include but are not limited to:
• Deciding if probate is necessary given the estate status.
• Entering the will of the deceased into the probate court.
• Identifying, locating, securing and listing the assets and property of the deceased, including making insurance arrangements.
• Notifying insurance companies of the death and providing copies of the death certificate to initiate payments to beneficiaries.
• Notifying non-insurance agencies or companies of the death in writing and, if necessary, terminating accounts. This can include the Social Security Administration, Medicare, United States Postal Service, and the United States Department of Treasury.
• Notifying creditors and heirs of the death in writing, including a newspaper announcement.
• Examining the existence of
partnerships and similar agreements, and taking steps to meet clauses related to the estate within those agreements.
• Providing tax information for the estate to a qualified lawyer or accountant by filing deadlines, applying for an Employer Identification Number (EIN) for the estate, and paying all taxes owed on the estate.
• Creating a list of all debts against the estate, including the funeral costs, and submitting the list to the court.
• Paying all debts and dispersing property and assets to heirs and creditors according to the will of the deceased and current property law. In order to accomplish this, it may be necessary to sell the deceased’s property or assets.
• Appearing in court as a representative of the estate if proceedings are necessary regarding the deceased’s will.
• Establishing a bank account in the name of the estate for distribution of property and assets.
• Keeping records of all matters relating to the settling of the estate for possible review by the probate court, heirs and creditors.
• Responding to information requests by creditors, heirs, attorneys and officers of the court.
• Making arrangements for minor children of the deceased.
Fiduciary duty and legal obligations
An executor has a fiduciary duty to the deceased. This means that they have to act in the best interest of the deceased at all times. This sometimes pits the executor against friends and family members of the deceased if the deceased’s wishes were contrary to what friends and family members want.
Fiduciary duty also means that the estate executor cannot benefit from his work beyond what is allowed in the deceased’s will or state estate executor fee law.
Estate executors also take on legal responsibilities when they handle an estate. For example, they can be held liable for any taxes not paid related to the estate. Additionally, being an executor takes considerable time and effort—it is not unusual for it to take a year or more to close an estate.
Executors may have to deal with irate family, friends and creditors of the deceased as well.
Payment of executors
It is legal for an estate executor to charge a fee for their services, given the extent of responsibility the executor accepts. The state typically sets the fee, but roughly three percent of the value of the estate is standard. Courts have the right to determine what is reasonable compensation for acting as executor if state law does not specify a fee limit numerically. Individuals also may specify in their wills how much they want their executors to receive if they feel the executor deserves more than the state guideline.
Taking on the responsibility of being an executor is a lasting way to honor the final wishes of someone who has passed away. It’s also a lot of hard work. Be sure you are prepared to undertake these duties before agreeing to be the executor of an estate.
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In Loving Memory In Loving Memory
Midi Acebo 1948-2024
Fountain Valley, CA
In Loving Memory In Loving Memory
Stephen Barnard 1933-2024
Balboa, CA
In Loving Memory In Loving Memory
Shirlee Lorene Blackmun 1934-2024
San Juan Capistrano, CA
In Loving Memory In Loving Memory
Sally Ann Brown 1925-2024
In Loving Memory In Loving Memory
Hank Richard Ales 1982-2024
Orange County, CA
In Loving Memory In Loving Memory
John William Barnes, Jr. 1936-2024
Santa Ana, CA
In Loving Memory In Loving Memory
Mission Viejo, CA
In Loving Memory In Loving Memory
Lloyd Richard “Lucky” Borowski 1942-2024 Anaheim, CA
In Loving Memory In Loving Memory
Selma Bukstein 1926-2024
Mila Jean Campbell 1930-2024
Huntington Beach, CA
Laguna Woods, CA
In Loving Memory In Loving Memory
Janice Cassidy 1942-2024 Irvine, CA
In Loving Memory In Loving
Memory
Leonardo (Leo) Giray Asuncion 1937-2024
Garden Grove, CA
In Loving Memory In Loving Memory
Carole Ann Barrell 1934-2024
Petaluma, CA
In Loving Memory In Loving Memory
Diane C. Bosworth 1939-2024
Orange, CA
In Loving Memory In Loving Memory
Barbara Baker Burnham 1929-2024
In Loving Memory In Loving Memory
Wayland Bixby Augur 1928-2024
Newport Beach, CA
In Loving Memory In Loving Memory
Duard “Dewey” L. Barron 1928-2024 Orange, CA
In Loving Memory In Loving Memory
John C Brizendine 1925-2024
Newport Beach, CA
In Loving Memory In Loving Memory
Frank Caterinicchio
In Loving Memory In Loving Memory
Charles Baker 1931-2024
Fullerton, CA
In Loving Memory In Loving Memory
Philip Louis Berneking 1942-2024
Dana Point, CA
In Loving Memory In Loving Memory
Joan Marion Bush (Fletcher) 1930-2024
Newport Beach, CA
Fountain Valley, CA
In Loving Memory In Loving Memory
Mary Eileen Cawley 1927-2024
Mission Viejo, CA
In Loving Memory In Loving Memory
Donald Brooks 1937-2024 Orange, CA
In Loving Memory In Loving Memory
Elaine Odland Cain 1932-2024
Santa Ana, CA
La Habra Heights, CA
In Loving Memory In Loving Memory
Marianne Elizabeth Chaput 1946-2024
Fountain Valley, CA
In Loving Memory In Loving Memory
Robert (Bob) John Cielnicky 1935-2024
Fountain Valley, CA
In Loving Memory In Loving Memory
Robert Alan Coulson 1961-2024
Huntington Beach, CA
In Loving Memory In Loving Memory
Robert Joseph DeFeo 1936-2024
Orange, CA
In Loving Memory In Loving Memory
Dolores Ann Edelbrock 1929-2024
Anaheim, CA
In Loving Memory In Loving Memory
Nancy Garrison Fowler 1930-2024
Rancho Mirage, CA
In Loving Memory In Loving
Memory
Grecelina (Grace) Tindugan Clark 1973-2024
Escondido, CA
In Loving Memory In Loving Memory
Richard (Rick) Cryder 1947-2024
Sun City, AZ
In Loving Memory In Loving Memory
Donald Sebastian DiBella 1949-2024
Tustin, CA
Jack Willis Elder 1933-2024
In
In
Loving Memory
Loving Memory
Libertad Eugenia Coblentz 1957-2024
Yorba Linda, CA
In Loving Memory In Loving Memory
Calvin Davenport 1928-2024
Anaheim, CA
In Loving Memory In Loving Memory
Aleck Dugally 1931-2024
Dana Point, CA
In Loving Memory In Loving Memory
Terry M. Coen 1965-2024
Junction City, OR
In Loving Memory In Loving Memory
Marjorie Madeline Davey 1932-2023 Tustin, CA
In Loving Memory In Loving Memory
Dr. S. Stevan Dweck 1926-2024
Corona del Mar, CA
In Loving Memory In Loving Memory
Sandra Cornelius 1942-2024
Huntington Beach, CA
In Loving Memory In Loving Memory
Ventura H. De La Torre 1924-2024
Fullerton, CA
In Loving Memory In Loving Memory
Sandra Amelia Eberhard 1936-2024 Irvine, CA
Long Beach, CA In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Louis (Lou) Fryer 1940-2024
Huntington Beach, CA
In Loving Memory In Loving Memory
Kenneth Keating Entenza 1933-2024
Newport Beach, CA
In Loving Memory In Loving Memory
Douglas B. Fuhlrodt 1935-2024
Orange, CA
In Loving Memory In Loving Memory
Steven Fainbarg 1956-2024
Tustin and Palm Desert, CA
In Loving Memory In Loving Memory
Richard L. Fumanti 1930-2024
Laguna Woods, CA
In Loving Memory In Loving Memory
Reverend James A. Folkers 1930-2024
Lake Forest, CA
In Loving Memory In Loving Memory
Tandy C. Gillis 1938-2024
Laguna Niguel, CA
How to Support a Friend Who Has Lost a Loved One
It is never easy for someone who has lost a member of the family, even when it comes at the end of a long life or a prolonged illness. The loss is always deeply felt and followed by a period of grief. Considering this, how can you help support a friend who has suffered such a loss? Here are seven simple suggestions.
1. Be there for your friend
Expressing your support by being physically present with your friend is perhaps the single most appreciated action you can take. Because of the sensitive nature of the situation, many friends fail at this most basic task. Be sure to devote some time to spend with your friend in the days and weeks following the loss.
2. Don’t talk; listen
Your friend is likely experiencing a number of thoughts regarding the deceased, and you can be their sounding board. It is appropriatefor you to offer the occasional comment in order to share personal recollections, express sympathy, and provide encouragement, but most of the time you should just listen to what they have to say, and empathize with the feelings they share.
Allow your friend to work through volatile emotions, freely express grief without fear of judgment, and tell you how the deceased had an impact on his or her life.
3. Provide childcare
If your friend has children, volunteer to take care of them for an afternoon or evening. Particularly if your friend has to make funeral arrangements to handle, your offer can allow them to focus on those responsibilities without the hassle of arranging for a babysitter.
4. Drop off a meal
Prepare a home cooked meal and deliver it to your friend. There are enough things demanding their attention— preparing meals doesn’t have to be one of them. However, don’t pressure your friend to invite you to stay to share the meal. Rather than intruding on family time, simply drop the meal off and leave.
5. Show up for visitation and for the funeral
A day or two prior to many funerals, there are times designated for visitation. Often called a wake, this is an opportunity for people togather to view the body and to express their condolences to the family. Show up for at least a few minutes during one of these times,and then do your best to attend the funeral itself. If you are unable to attend the funeral in person, at least check in periodically over the phone or online.
6. Offer to help out with the reception
If your friend is responsible for organizing a reception following the funeral, volunteer your services.
There are a variety of ways
you can help out. For instance, you can offer your home as a possible location. You could also help with preparations if the reception is to be held at another location. If sandwiches or sweets are desired, you could offer to prepare some. During the reception, you could assist as a host. Afterward, stick around to help clean up.
7. Check in Grief doesn’t simply end after the funeral. In fact, after the funeral is when the journey
through grief truly begins. Check in with your friend regularly after the death. Remember the anniversary of the loss and ask your friend how you can support them on this day. Offer your company, assistance and support through the months and years to come. Allow your friend to relax and show honest emotions. Losing a loved one can be an intensely stressful and exhausting experience. Your friend should not have to put on a brave face or attend to your needs. Give them the
space and freedom they need to process the loss, even if it extends well beyond the date of the funeral.
By being sensitive to your friend’s mental and emotional state—and by taking some responsibilities upon yourself—you can help remove some of the weight from their shoulders. Your support in these ways will go a long way toward helping your friend through this time of loss.
HONORING THOSE WHO CAME BEFORE US... a special Dia de los Muertos festival
SATURDAY, N OVEMBER 2nd 11am—3pm
North Gardens at Fairhaven Memorial Park
featuring prayers, mariachi, folkloric dancing, a traditional altar, and more!
In Loving Memory In Loving Memory
Susan Ginter 1953-2024
Fullerton, CA
In Loving Memory In Loving Memory
Louana Hall 1928-2024
Laguna Woods, CA
In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Marilyn McMann Gnagy 1938-2024
Huntington Beach, CA
In Loving Memory In Loving Memory
MaryAnn Boynton Henkle 1931-2024 Auburn, CA
In Loving Memory In Loving Memory
Randy Gomez 1960-2024
Deanna Rae Hare-Hanley 1964-2024
Yorba Linda, CA
Wesminster, CA
In Loving Memory In Loving Memory
Craig Scott Hawkins 1958-2024 Corona, CA
Robert Brintnall Henkle 1928-2022 Auburn, CA In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Geraldine “Geri” Hunt-Harvey 1931-2024
In Loving Memory In Loving Memory ‘BJ’ Beryl Jean (Bechtold) Jacobi 1940-2024 Brea, CA
Fullerton, CA
In Loving Memory In Loving Memory
Judith Lee Kaminski 1953-2024
Mission Viejo, CA
Barbara Reed Greenfield 1942-2024 Anaheim Hills, CA In Loving Memory In Loving Memory
Loving Memory In Loving Memory
Osmar Guerra 1934-2024
Fullerton, CA
Joseph Otis Healy 1956-2024 Scottsdale, AZ In Loving Memory In Loving Memory
Eleanor Hess 1937-2024 Kimberly, ID In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Lois J. O’Loughlin Johnson 1936-2024
Tustin, CA
Loving Memory In Loving Memory
Gerry Mohler Hime 1939-2024 Huntington Beach, CA
In Loving Memory In Loving Memory
Teresa Diane Jones 1942-2024 Placentia, CA
Gayl D. Kay 1945-2024 Riverside, CA In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Tom Kingston 1950-2024 Kingman, AZ
Thalia Cassini Sparkuhl Kirchwehm 1978-2024 Temecula, CA In Loving Memory In Loving Memory
Thomas W. Henderson III 1934-2024 Portland, OR In Loving Memory In Loving Memory
Norman N. Huneycutt 1936-2024 Terrell, TX In Loving Memory In Loving Memory
Thomasine “Tommie” Kalman 1941-2024
Yorba Linda, CA In Loving Memory In Loving Memory
William John Klein 1925-2024 Westminster, CA In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Robert John Kocisko 1947-2024
Prescott, AZ
In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Louis Charles Lae 1923-2024 Orange, CA
In Loving Memory In Loving Memory
Glendon Elton Laningham 1933-2024
Huntington Beach. CA
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Patricia “Pat” Leffler (Carter) 1941-202
Tustin, CA
In Loving Memory In Loving Memory
Mary Kathryn (Sullivan) Lundy 1941-2024
Scottsdale, AZ
In Loving Memory In Loving Memory
Richard Dale Marconi 1934-2024
San Juan Capistrano, CA
In Loving Memory In Loving Memory
Lynda Dale McCloud Sizemore 1939-2024
Fullerton, CA
Chuck Leonard 1951-2024
Mission Viejo, CA
Allan V. MacDonnell 1938-2024
In Loving Memory In Loving Memory
Kathleen P. Lineback 1927-2024
Capistrano Beach, CA
Carson City, NV In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Suzanne Ayotte Maricich 1941-2024
Seal Beach, CA
In Loving Memory In Loving Memory
Marylouise Ukena Miller 1935-2024
Fullerton, CA
Bruce A. Major 1944-2024
Newport Beach, CA In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Mike W. Martin 1946-2024
Mission Viejo, CA
In Loving Memory In Loving Memory
John R. Milligan 1934-2024
North Tustin, CA
Larry Lloyd Larsen 1946-2024 Anaheim, CA In Loving Memory In Loving Memory
Herbert W. Larson 1932-2024
Tustin, CA
Patricia Elaine Longtin 1939-2024
Garden Grove, CA In Loving Memory In Loving Memory
Man 1933-2024
Margitta Dorothea Lubke 1943-2024
Fullerton, CA In Loving Memory In Loving Memory
Richard Kent & Mary Steele Mastain 2024
Fullerton, CA In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Ashland, OR In Loving Memory In Loving Memory
Mitsuyoshi Miyamoto 1929-2024
In Loving Memory In Loving Memory
Betty M Matthews 1933-2024
Villa Park, CA
Fountain Valley, CA In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Henry Morones 1943-2024
San Leandro, CA
Wilfred
Herbert D. & Suzanne M. Marbach 2024
Laguna Niguel, CA
Larry Dean Mounger 1943-2024
Anaheim, CA In Loving Memory In Loving Memory
Richard Byron Oakley 1946-2024
Cherlyn Moyer 1946-2024
Rancho Santa Margarita, CA In Loving Memory In Loving Memory
Audrey Passerello 1932-2024
Rancho Santa Margarita, CA In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Wendy Pitchess 1944-2024
Newport Beach, CA
In Loving Memory In Loving Memory
Roy Michael Raguse 1931-2024
Fullerton, CA
Huntington Beach, CA In Loving Memory In Loving Memory
Cecelia (Cele) Obuch 1946-2024
In Loving Memory In Loving Memory
Roger Alan Murray 1933-2024
Las Vegas, NV
Akram Saleh Nesheiwat 1943-2024
Corona, CA In Loving Memory In Loving Memory
Dolores M Peck 1931-2024 Terrell, TX In Loving Memory In Loving Memory
Denny Francis Primrose 1957-2024
William R. O’Connell Jr. 1943-2024 Orange, CA In Loving Memory In Loving Memory
Elizabeth Dorothy Pequet 1926-2024
Bullhead City, AZ In Loving Memory In Loving Memory
Corona Del Mar, CA In Loving Memory In Loving Memory
Dennis J. O’Connor 1935-2024
Loving Memory In Loving Memory
Russell Harold Noe 1933-2024
Cypress, CA
Laguna Woods, CA In Loving Memory In Loving Memory
Mary Rose Pansegrau (Caldwell) 1933-2024
Laguna Niguel, CA In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Donna Diane Prout 1936-2024
Laguna Hills, CA
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Joann Kay Perry 1940-2024
Lake Forest, CA
Rita Rank 1928-2024 Aliso Viejo, CA In Loving Memory In Loving Memory
Terrie Reese 1949-2024 Fullerton, CA In Loving Memory In Loving Memory
Michael David Pruznick 1947-2024 Huntington Beach, CA In Loving Memory In Loving Memory
Gerald Reese Sr. 1949-2024 Yorba Linda, CA In Loving Memory In Loving Memory
Rancho Santa Margarita, CA In Loving Memory In Loving Memory
Elizabeth “Betty” Perry 1931-2024
Fountain Valley, CA In Loving Memory In Loving Memory
Dr. Jackson K. Putnam 1929-2024
Apple Valley, CA In Loving Memory In Loving Memory
Randall A. Rhoads 1956-2024
Costa Mesa, CA In Loving Memory In Loving Memory
Sally Jean Ridenour 1933-2024
Yorba Linda, CA In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
Roger Rossier 1931-2024
Brian Scharkey 1962-2024
Yorba Linda, CA
Albert Michael Senia 1951-2024
Aliso Viejo, CA In Loving Memory In Loving Memory
Donald Schone 1941-2024
Aliso Viejo, CA In Loving Memory In Loving Memory
In Loving Memory In Loving Memory
David C. Smith 1940-2024
Orange County, CA
Maiqual “Mike” Talbot 1946-2024
Mission Viejo, CA In Loving Memory In Loving Memory
Loving Memory In Loving Memory
Dorothy Shannon 1929-2024
Lake Forest, CA
Ronald Southard 1946-2024
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In
Richard (Dick) Francis Russell 1934-2024
Las Vegas, NV
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Robert Mario Segura 1950-2024
Yorba Linda, CA
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James Christie Shelburne 1933-2024
Laguna Woods, CA
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Alice Mary Ryan 1952-2024
Anaheim, CA
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Irene Violet Sellers 1940-2024
Mission Viejo, CA
Loving Memory In Loving Memory
Ronald Lee Shorey 1934-2024 Anaheim, CA
Richard Gordon Sandness 1933-2024
Seal Beach, CA
Judy Semler 1944-2024
Huntington Beach, CA In Loving Memory In Loving Memory
Loving Memory In Loving Memory
Craig Scott Simon 1953-2024 Irvine, CA
Huntington Beach, CA In Loving Memory In Loving Memory
Newport Beach, CA In Loving Memory In Loving Memory
Joyce Kathleen Toberty 1938-2024
Newport Coast, CA In Loving Memory In Loving Memory
Donald St. Jean 1967-2024 Orange, CA In Loving Memory In Loving Memory
Martha Wynn Trezise 1934-2024
Thomas Edward Stanton 1932-2024
Burleson, TX In Loving Memory In Loving Memory
Huntington Beach, CA In Loving Memory In Loving Memory
Robert Michael Trinen 1954-2024
Richard Starley 1952-2024
Newport Beach, CA In Loving Memory In Loving Memory
Long Beach, CA In Loving Memory In Loving Memory
Wood Tweedie 1923-2024
Golden Valley, MN In Loving Memory In Loving Memory
Marcia
Sylvanus Twete 1932-2024
Fullerton, CA In Loving Memory In Loving Memory
Robert “Bob” Vance 1936-2024
Penelope “Penny” L. Wetton 1939-2024
Capistrano Beach, CA In Loving Memory In Loving Memory
Mary Therese Zaleski 1928-2024
Fullerton, CA
Laguna Niguel, CA In Loving Memory In Loving Memory
Diane White D.D.S. 1957-2024
In Loving Memory In Loving Memory
Allen James Vangelos 1932-2024
San Juan Capistrano, CA
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Maurie Watman 1938-2024
San Clemente, CA
Betty Jo Way 1930-2024
Corona Del Mar, CA
Fullerton, CA
Carol Louise Henry Vice 1940-2024
Spanish Springs, NV In Loving Memory In Loving Memory In Loving Memory In Loving Memory
Loving Memory In Loving Memory In Loving Memory In Loving Memory
Thomas “Tom” Wilson 1940-2024
Walter Hoffman 1926-2024
Brea, CA
Laguna Hills, CA
Oko Nakamura 1925-2024
Villa Park, CA In Loving Memory In Loving Memory In Loving Memory In Loving Memory
Curtis Windham 1964-2024
Laguna Niguel, CA
Robert O’Berg 1934-2024
Huntington Beach, CA
Loving Memory
James Vincent Young 1935-2024
Costa Mesa, CA
San
1935-2024
CA
May the constant love of caring friends soften your sadness. May cherished memories bring you moments of comfort. May lasting peace surround your grieving heart.
Barbara Jule Smith
Juan Capistrano,
Passing Assets to Your Heirs Without Probate and With Personal Liability Protection
When you have a limited liability company that owns assets, such as investment
real estate, it provides you with personal liability protection but often doesn’t have any estate planning benefits. A living trust enables you to pass assets to your heirs immediately, outside of probate, but doesn’t provide any personal liability protection. To gain the liability protection of an LLC and the estate planning benefits of a living trust, consider making your living trust the sole member of your LLC.
Living trust
When you put assets into a revocable living trust, the assets pass directly to your heirs when you die without going through probate court. This eliminates the delays associated with supervision from a probate judge and prevents public disclosure of the transaction. It’s also usually less expensive than probate court. While you’re alive, you can add assets to the trust, remove assets from the trust and control the current assets as the trustee.
Limited liability company
When you form a company to hold assets, you must typically choose to organize it as a corporation, a partnership or a limited liability company. A corporation provides personal liability protection if someone wins a judgment against the company, but the government taxes you twice. A partnership eliminates double- taxation, but doesn’t provide personal liability protection to the general partner. A limited liability company, however, combines the liability protection of a corporation and the single taxation of a partnership in a single entity. When you die, however, your LLC ownership must pass to your heirs through a probate in many states.
LLC membership and management
While the rules regarding LLCs vary by state, most states don’t require more than one member to form an LLC. A member can be a person or an entity such as
a corporation, a partnership, another LLC, a foreign entity or a trust. The company’s operating agreement specifies who is responsible for making decisions and commitments on behalf of the company. If an LLC is member-managed, the members are responsible for running the company. It the company is managermanaged, the members appoint a manager with responsibility for company operations. An LLC can be manager-managed, with the single member of the LLC serving as the manager.
Living trust as sole member
By making a living trust the sole member of an LLC,
the living trust becomes the owner of the company. If the company is member-managed, the trustee is responsible for running the company. If it’s managermanaged, the manager runs the company but the trustee can usually replace the manager at any time, depending on the provisions in the company’s operating agreement. When you die, company ownership passes to the trust’s beneficiaries without a probate, and your heirs also inherit personal liability protection as the new owners of the LLC and its assets. -
