Updated about 2 years ago on .
LLC and Trust Law
Hi BP- I currently have a multi-unit in Missouri that was purchased under an LLC. I have a two part question for the attorneys in the room.
1) Our lender required that my mother be listed on the LLC Operating Agreement at the time of purchase because she contributed funds for our down payment. She has a 2% share and my husband and I each have a 49% share in the LLC. Now that we've paid her back those funds, we all agree that we would like to remove her from the Operating Agreement. What is the specific process/documentation we need to go through to remove her from the LLC (can I do it myself or do I need to involve an attorney)? Our Operating Agreement states: "The Member(s) agree that Member(s) may voluntarily withdraw from the Company without the approval, vote, or consent of the Member(s). Unless the withdrawing member's ownership interest was sold, it shall be transferred to the remaining Member(s) in the Company at the same ownership interest percentage ratio that exists at the time of withdrawal. After being removed from the Company, the withdrawing Member shall be unequivocally released from any legal or financial liability that is related to the Company unless otherwise agreed upon."
2) We would like the building/LLC to transfer to my Trust in the event of my husband and my passing. Do I simply need an estate attorney to write up a Transfer on Death Assignment, or is there a different process in Missouri to ensure smooth transfer of ownership into my Trust?
TIA for your assistance.