Creating an LLC with your children

1 Reply

I keep hearing people saying they have set up LLC with their children who are minors and bought homes with it. I spoke to my attorney today, here in AZ, and he stated this isn't possible. Only if I create a trust then put the LLC in the trust.

For those of you that have done this, could you please provide me some insight on how you did it?

I would greatly appreciate it. 

Thanks!

Cynthia 

Originally posted by @Cynthia Andersen :

I keep hearing people saying they have set up LLC with their children who are minors and bought homes with it. I spoke to my attorney today, here in AZ, and he stated this isn't possible. Only if I create a trust then put the LLC in the trust.

For those of you that have done this, could you please provide me some insight on how you did it?

I would greatly appreciate it. 

Thanks!

Cynthia 

 I think your attorney is correct. Why pay to have something put together that wouldn't withstand a court challenge? Plenty of people give bad advice on Bigger Pockets. You get what you pay for.

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