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Ely
Ely, Counselor at Law
Category: Legal
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Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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I have completed a book and it is about to be published. I

Resolved Question:

I have completed a book and it is about to be published. I also have an irrevocable trust. In addition my significant other and I created an LLC in Wisconsin. The LLC is in her name as my credit was destroyed by Bank of America in a short sale. The trust is located in Seattle.

Question: I would like to take over the LLC. Absorb it into the trust so they can operate it to sell books. They would use their checking account and be able to accept credit cards.

Can I do this? and best recommendations as to how.

thanks.. you folks are just GREAT!
Submitted: 1 year ago.
Category: Legal
Expert:  Ely replied 1 year ago.
Hello friend. My name is XXXXX XXXXX welcome to JustAnswer. Please note: (1) this is general information only, not legal advice, and, (2) there may be a slight delay between your follow ups and my replies.

Who is the trustee for the irrevocable trust?
Customer: replied 1 year ago.

The trustee is my son. He is willing to handle stuff but is very busy so I will do nearly all of it. Since I live on SS he will make me an annual gift of $ when I ask... we are very close and no problems there.

Expert:  Ely replied 1 year ago.
Thank you.

The short answer is it depends on the instrument.

The instrument is the document that "creates" the trust. If it allows future funding, then YES, the trustee can place the LLC's assets into the trust. This is relatively simple.

If the instrument does not allow future funding, then it may be HARDER to absorb the LLC's assets, although not impossible.

If it does not, then one has two options:

1) Go to Court and g a reformation of the trust. One must provide a good reason based upon a change in circumstances and supported by the intent of the creator of the trust. The Judge would normally grant it.

OR

2) Decant the trust, which is a very complex legal procedure and is recommended as only the last resort.

Ergo, it is possible. However, the first step involves looking at the trust instrument and what it allows/does not allow.

Finally, as for the LLC, assuming the trust issue is handled, the steps would be to:
1) formally assign the assets from the LLC to the trust and then
2) wind down the LLC with the state and close it.

I hope this helps and clarifies. Good luck.

Please note: I aim to give you genuine information and not necessarily to tell you only what you wish to hear. Please, rate me on the quality of my information and do not punish me for my honesty. I understand that hearing things less than optimal is not easy, and I empathize.

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Ely, Counselor at Law
Category: Legal
Satisfied Customers: 87564
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
Ely and 10 other Legal Specialists are ready to help you
Expert:  Ely replied 1 year ago.
Thank you for your gratuity.

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