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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 41027
Experience:  Texas lawyer for 30 years in Estate law
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If assets are titled in the name of an LLC, and the LLC is

Customer Question

If assets are titled in the name of an LLC, and the LLC is placed in a Revocable Trust, then are the assets also placed in the trust OR do new grant deeds need to be created placing the properties into the trust individually - Do the bank accounts thatare
itled in the LLC need to be retitled
Submitted: 2 years ago.
Category: Estate Law
Expert:  RayAnswers replied 2 years ago.
Hi and welcome to JA. I am Ray and will be the expert helping you today.
Here the property and bank accounts in the name of the LLC do not need to be transferred into the name of the trust.Since the LLC is owned by the trust you can leave it as it is.
The LLC is simply an asset of the trust and managed by the trustee.This allows the LLC to operate independently and buy and sell properties here and have the income/expenses flow through the LLC.
Unless there is a special need to have trust hold title here you can leave it as it is, the trust owns the LLC and any assets held by the LLC.
I do not see any need to transfer title to either the properties or bank accounts.Legally it is not necessary again unless you have a personal reason to do so.
Reference..
http://www.elderlawanswers.com/transferring-assets-to-your-trust---funding-instructions-1322
I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.