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soup
Real Estate
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Gift Deed an LLC
Saturday, January 01 2011 04:48 PM
Can I and my Wife as managers/members of an LLC business GIFT DEED 100% of the business itself to our Trust, or Gift Deed a majority % of our Members Interst in the LLC, which would accomplish the same thing?
Brian Heinz
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Gift Deed an LLC
Saturday, January 01 2011 10:04 PM
Soup,
SEE MY COMMENTS BELOW IN BOLD.
RANDY
Can I and my Wife as managers/members of an LLC business GIFT DEED 100% of the business itself to our Trust, or Gift Deed a majority % of our Members Interst in the LLC, which would accomplish the same thing?
IF THE LLC HOLDS A BUSINESS (NOT REAL ESTATE) YOU CANNOT DEED TO A LAND TRUST. LAND TRUSTS CAN ONLY HOLD TITLE TO REAL ESTATE AND R.E. RELATED ASSETS. HOWEVER, OUR SUGGESTION WOULD BE TO PUT THE TITLE TO ANY R.E. YOU OWN (OR WILL BUY IN THE FUTURE) IN THE NAME OF YOUR LAND TRUST...THEN MAKE YOUR LLC THE BENEFICIARY OF THE LAND TRUST. WE EXPLAIN THE DETAILS OF THIS ADVICE IN OUR LAND TRUSTS MADE SIMPLE HOME STUDY COURSE AVAILABLE AT OUR WEBSITE.
Randy Hughes
866-696-7347
REPLY
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