How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask J. Warren Your Own Question
J. Warren
J. Warren, Attorney
Category: Business Law
Satisfied Customers: 2211
Experience:  Experience in general business transaction and formation matters.
64316804
Type Your Business Law Question Here...
J. Warren is online now
A new question is answered every 9 seconds

If an LLC is held in the name of the trust are the assets titled

Customer Question

If an LLC is held in the name of the trust are the assets titled in the LLC also in the Trust or do the grant deeds for thr properties titled in the LLC also need to be transferred to the Trust? What about Bank accounts held by the LLC (the LLC is already in the trust.?
Submitted: 1 year ago.
Category: Business Law
Expert:  J. Warren replied 1 year ago.
Hello my name is ***** ***** I look forward to providing you information. Please note:
(1) this is general information and is not legal advice. I never propose a specific course of action. There is no attorney-client relationship or privilege that is formed when communicating to an expert on this site. The site repeats this disclaimer numerous times. By continuing, you confirm that you understand and agree to these terms; and
(2) there may be a slight delay between your follow ups and my reply while I am typing out my answer.
An LLC's membership interest is transferred in to a trust of the member such that a member is now for example ***** *****, trustee of the ***** ***** Revocable Living Trust under agreement dated xx/xx/20XX. The assets of the LLC are still titled in the name of the LLC. If assets are titled in a name of a trust, they are trust assets not LLC assets. This is also true with a banking account of an LLC. The LLC is still a separate entity from a trust, only the membership interest is held by a trust.
All my best & encouragement.
Kindly remember the only way experts receive any credit at all for spending time with customers is if you click on ok, good or excellent service even though you have made a deposit or are a subscription customer. You must complete the rating for the expert to receive any credit. If, for any reason you feel that a 2 or 1 rating is appropriate, please first give me the opportunity to address your concerns.
All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you.

Related Business Law Questions