Both this morning and yesterday afternoon I dealt with a couple of families and both of those families owned several different tracks of real estate but what made it easier for them to manage this during their life time and to leave it to their children was they owned those real estate pieces inside of an LLC. One of the things each family wanted to do was to transfer that real estate to a trust and ordinarily there are a lot of real estate transfers and a lot of real estate recordings and a lot of documentation that needs to be done to transfer real estate to a trust.
Since that real estate was already owned by their LLC we could just do one transfer of that LLC interest and that made it very simple to arrange their affairs to leave things to their children. We are doing some transfers of their LLC interest into the trust, nothing recorded in the real estate records, it’s simple it’s easy.
There are a lot of different uses for an LLC if you own real estate, sure there is liability protection, but there is a lot of simplicity in leaving that real estate from one generation to the next. If you own real estate and you want to make that simple for your family, give us a call 866-491-3884. Have a great day!
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Posted by: Drei Sagato | February 26, 2013 at 12:43 AM
The purpose of LLC is to protect the assets of the owners of the real estate from potential liabilities arising from that property. That is the main benefit of an LLC.
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