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J. Warren
J. Warren, Attorney
Category: Business Law
Satisfied Customers: 2249
Experience:  Experience in general business transaction and formation matters.
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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: 2 years ago.
Category: Business Law
Expert:  J. Warren replied 2 years 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.
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