Updated almost 4 years ago on . Most recent reply
Putting rental in LLC
We have a California rental with no mortgage that is in our trust, so its easier to pass on to our kids. Now we want to put that rental house (which is owned by our Family trust) into an LLC to get some liability protection. I will consult a lawyer but also wanted to understand the process.
Do these steps sound right?
1. Create LLC
2. New grant deed convey property from family trust to LLC
3. LLC documents state that in case of death of our death, the trust will inherit the LLC? Or do we move the LLC into the trust, but wouldn't the trust now own the LLC?
Any other considerations? I do understand I pay to $800 for the CA LLC fee and file an annual return but I am worried about liability.
thanks!
Most Popular Reply
Please talk with your personal asset protection lawyer and do not take advice here on a forum.