Estate law questions? Ask an estate lawyer.
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You just need to transfer the membership interest to them. It need not be reported to change the members.
However, to avoid complications, you may want to to retain yourself as the manager until they reach legal age of majority. They can not legally enter into any contracts.
Yes, the LLCs would need to report their income or loss and issue K1s to the members.
Yes, you will need to report the transfer as a gift and file a gift tax return
A trust may be helpful so that you can retain control of the properties.
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