Should I set up an estate for him even if the debts exceed the assets?
Full Question:
Answer:
This is not a situation you can resolve by using a few forms. You need to consult a local attorney that deals with wills and estates (though we understand your husband had no will.) The debts of the LLC are by law not attributable to your husband (this is one of the main points of an LLC), unless he personally guaranteed the debts as an individual. You would have to look at the individual agreements to determine this. YOU are not liable for the debts either, or for the debts of your husband if he personally guaranteed them, but if your funds were co-mingled there will be issues if your husband personally guaranteed the debts. This is why you must consult a lawyer. Ultimately the LLC will need to be wound up and dissolved, if you are not going to continue it. Through this mechanism, the debts, or portions of them, can be paid through the remaining resources of the LLC. In your situation, we recommend you consult an attorney to guide you through all of this. We wish you good luck.