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Loren, Attorney
Category: Business Law
Satisfied Customers: 33554
Experience:  30 years experience representing clients .
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Several years ago after reading about Asset Protection, my

Customer Question

Several years ago after reading about Asset Protection, my husband and I set up two single-member LLCs (in Georgia) to each hold 50% title to our home. Both LLCs contain the clause that the LLC will terminate within 90 days of the death of the SMLLC owner. We are now looking at that scenario and wondering how that works! If one of us were to die and their LLC is terminated, what happens to the title on our home?
Submitted: 1 year ago.
Category: Business Law
Expert:  Loren replied 1 year ago.
You need to amend the provision to provide that the LLC will not terminate upon the death of the owner. Otherwise, your property will be in limbo when one of you dies since any action affecting title will need the consent of all owners. Therefore, remove that provision about termination on death of the owner.
Expert:  Loren replied 1 year ago.

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