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11-14-2008, 04:36 PM
| | Member | | Join Date: Nov 2005
Posts: 170
| | | Help with transferring ownership of LLC to spouse
What is the name of your state (only U.S. law)?
I am the sole member of an LLC. I am engaged to be married (2 year engagement). My fiance does not want to be a member of the LLC (and be a part of the business) until we are married. However, if I die, I want her to have 100% of the ownership of the LLC.
My thoughts were to set a will to convey to her my 100% ownership in the LLC, but the will has to go through probate and I want to avoid that.
My other thought is we could set up a revocable living trust (which would avoid probate). But, can we do it while we're not married, as most trust are for couples.
You're advice is appreciated on how to avoid probate, but transfer my 100% ownership in the LLC to her if I die before and after we are married. |
11-14-2008, 07:55 PM
| | Senior Member | | Join Date: Jul 2002 Location: Bay Area, CA
Posts: 7,271
| | Quote:
Originally Posted by JoshDom1898  What is the name of your state (only U.S. law)?
I am the sole member of an LLC. I am engaged to be married (2 year engagement). My fiance does not want to be a member of the LLC (and be a part of the business) until we are married. However, if I die, I want her to have 100% of the ownership of the LLC.
My thoughts were to set a will to convey to her my 100% ownership in the LLC, but the will has to go through probate and I want to avoid that.
My other thought is we could set up a revocable living trust (which would avoid probate). But, can we do it while we're not married, as most trust are for couples.
You're advice is appreciated on how to avoid probate, but transfer my 100% ownership in the LLC to her if I die before and after we are married. | What state are you in? |
11-18-2008, 11:03 AM
| | Member | | Join Date: Nov 2005
Posts: 170
| | | Sorry for the long time to respond - I live in California (so does she). |
11-18-2008, 12:13 PM
| | Senior Member | | Join Date: Jul 2002 Location: Bay Area, CA
Posts: 7,271
| | | You don't have to be married to set up a living trust -- but transferring a business into the trust can be complicated, so you will probably want to sit down with an estate planning attorney to walk you through this. | |
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