What is a Family LLC?
An LLC is a business that offers its owners some degree of protection against lawsuits and other claims, and a family LLC is one that is made up only of family members. These organizations are like corporations, but there are fewer regulations governing them so members can run their LLC in the way that they would like to.
Nearly any asset you can think of can be transferred into a family LLC. We can help you move assets like:
- Money from bank accounts
- Titles to homes and other properties
- Automobiles
- Stocks
- Artwork
- Jewelry
Then these assets can be passed down to your beneficiaries when you pass away.
What Are Some of the Benefits of Forming a Family LLC?
A family LLC can greatly reduce the amount of estate tax your family ends up owing after you pass away. You can also use an LLC to pass on assets to your children and other beneficiaries while you are alive. Finally, unlike in some trusts, you do get to maintain complete control over your own assets.
A family LLC is not always the best arrangement, but we can help you figure out if your plans and estate make it a wise idea to form one.
Do I Need an Estate Planning Lawyer?
Making an estate plan that is legally binding and does not leave anything out can be difficult, especially if you have a lot of assets that you want to pass on to your family members. Setting up an LLC of your own can also be complicated, especially since the state can change rules about how they are made and what they can do at any time. This is why we recommend talking to our attorneys if you want to make a family LLC or any other plans regarding your estate.
Schedule a Consultation
If you are looking for ways to protect your assets and make it easier for your family to make use of them once you have passed away, you need a proper estate plan. Contact Herting Law, PLLC and schedule your consultation with our team. We can take a look at your assets and what you want to do with them, and then we can help you develop the best possible plan.
