QUESTION
Should I put a family home with 10 relatives that's in an LLC into my revocable trust.
Asked on Apr 09th, 2015 on Trusts and Estates - California
More details to this question:
If our family home is put into an LLC. This is home is with 10 family members should I put my portion into my revocable trust.
1 ANSWER
My question is why use an LLC? Yes there are some creditor protection advantages to an LLC but you will also spend $1,000 a year to have an LLC. I don't think this is wise for most "family homes." A general partnership would allow many of the same operational control options but without the annual fee. I encourage you to talk to your estate planning attorney about this. If you can't get rid of the LLC then yes your member interest should be put into your trust. -John
Answered on Apr 14th, 2015 at 6:57 AM