Does anyone have an opinion on whether when a husband and wife are forming an LLC for real estate investment purposes that LLC should be placed in the family trust? Or should it just be a standard 50/50 LLC outside of the family trust?
Attorney and Real Estate Broker · Madison, WI · Member since 2016 · 265 posts · 100 votes
7y
Depends on so many things so hard to say unfortunately. As a general rule of thumb the statistical majority of the population of the US does not need a family trust just a will and perhaps a POA, etc. Anyone with non-W-2 income and assets may be more likely to want a trust of some sort in addition to LLCs. I hope that helps somewhat.
Accountant · Fort Lauderdale, FL · Member since 2013 · 1k+ posts · 753 votes
7y
@Terry M.
A family trust aka credit shelter trust is funded at death. So you may have your terminology mixed up. You are probably referring to a living revocable trust in which case - yes. Your membership interest should be held in your Rev Trust and not in your name.