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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 53963
Experience:  29 years of experience practicing law, including tax and estate planning.
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Is there any reason to have 2 Trusts--one and one or can we

Customer Question

Is there any reason to have 2 Trusts--one for husband and one for wife
or can we have one Trust for the both of us. Any advantages or disadvantage
with either. THANKS.
Submitted: 10 months ago.
Category: Estate Law
Expert:  Richard replied 10 months ago.

Good morning. My name is ***** ***** I look forward to helping you.

There is no legal or tax requirement that you treat the farm as a business. It can simply be a hobby and you can dissolve the LLC's if you like. You certainly do not need two LLC's. The advantage of retaining the farm in at least 1 LLC is that is provides you limited liability and protects your personal assets in the event you were to incur a liability to a third party. But, if you're not worried about that, you don't need an LLC either. If you were to create a trust, you could have a joint trust, and, yes, you can put the farm equipment and vehicles into the trust.

Expert:  Richard replied 10 months ago.

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