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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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Can an LLC act as the trustee for an irrevocable Dynasty

Customer Question

Can an LLC act as the trustee for an irrevocable Dynasty trusts? What state does the LLC need to reside in? If so, how is that set up and what is required for taxes?
Submitted: 2 months ago.
Category: Tax
Expert:  Mark Taylor replied 2 months ago.

Let me see where you stand with this transaction. What did you originally purchase the property for? How much accumulated depreciation did you have? Other than the $80,000 did you make any additional improvements? Did you have any other seller costs associated with the transaction?

Expert:  Mark Taylor replied 2 months ago.

Jeannie, I am sorry some how the question was switched as I entered my response. I apologize for the error. Please disregard the above post.

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