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It seems to me that I can decant my irrevocable trust. I…

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It seems to me that...
It seems to me that I can decant my irrevocable trust. I want to decant due to limitations by new statutes on my existing trust. The trust is unable to get title insurance on properties that the trust owns and wishes to sell or on new properties it wishes to purchase. The reason given is that the trust is a PEER trust. So I have the reason to decant but the trustee would like create 3 LLCs and decant into them. I like the idea. So, can an irrevocable trust be decanted into an LLC and not a trust? I have read a lot of the information on decanting and NM states that decanting can occur from Non-GRANTOR to a GRANTOR trusts. If the assets cannot be contributed directly to an LLC, then can it go via the receiving trust?
Submitted: 21 days ago.Category: Estate Law
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Answered in 4 minutes by:
5/30/2018
Estate Lawyer: DamienJD, Attorney replied 21 days ago
DamienJD
DamienJD, Attorney
Category: Estate Law
Satisfied Customers: 4,866
Experience: Attorney. Well versed, understanding, friendly
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Hello: My name is ***** ***** I am an attorney.

Is someone telling you that you cannot decant the trust and transfer the property into LLCs?

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Customer reply replied 21 days ago
No, I just have a hard time figuring out the terminology. The originating trust states that the trustee has full authority to enter into contracts, purchases, etc. to benefit the beneficiaries. Here is the terminology in the trust.
"Section 14, the execution of all contracts, conveyances and transfer, and all instruments relating to the Trust fund of any part thereof, by any Trustee, shall always be sufficient."
So, that being said, I am not sure if this applies to creating and transfering into an LLC. Maybe the trustee does not even need to decant but just transfer assets into an LLC? Every item I read just creates more questions. By the wa, my husband and I are the only beneficiaries.
Estate Lawyer: DamienJD, Attorney replied 21 days ago

With the current trust, the trustee could only transfer to an LLC if the LLC pays for the property and the money is put back into the trust.

Possibly if the LLC were owned by the beneficiaries that would suffice and be considered a transfer to the beneficiaries if the beneficiaries agree to it.

We can discuss this more if you want to do so.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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Customer reply replied 21 days ago
Can the LLC use the same TAX ID number as the trust?
Customer reply replied 21 days ago
If the trust CONTRIBUTES, (i.e. does not sell the property) to the LLC and the Managing member of the LLC is the trust...is that workable.
Estate Lawyer: DamienJD, Attorney replied 21 days ago

(1) No. The LLC would have to have a different Tax Id.

(2) I do not think so. The trustee would in effect be moving the assets from the trust to an LLC without consideration (payment).

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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Estate Lawyer: DamienJD, Attorney replied 17 days ago

Hello again:

I hope I provided good service to you. If you need more, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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