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This answer was rated:

I have the LLC set up and all looks good there. It now occurs

I have the LLC set...
I have the LLC set up and all looks good there. It now occurs to me to consider estate planning.

How can this be set up so that any continuing income after my death would still be treated as U.S. income to avoid negitive impact on my wife's Soc Sec survivor benifits?
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Answered in 1 minute by:
10/22/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,581
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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Megan C :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

Megan C :

How are you today?

Megan C :

A US LLC's income will always be US income so long as it is earned here from sources in the US

Megan C :

This should have no impact on your wife's benefits, regardless if it is US income or not

Customer:

I was not clear with my question. I need to know how to set this up for estate planning, i.e. after my death. The LLC is currently set up as a single member LLC with me as the only member. As we will be living outside the U.S., how could we handle income after my death?

Megan C :

Well, once you pass on the LLC ceases to exist

Megan C :

You would have to have it set up where if you died, your wife would take over as the member in the LLC

Megan C :

The income would be US Sourced income if the LLC is doing business in the US

Megan C :

It won't have any impact on your wife's social security entitlement whatsoever

Customer:

Absent the LLC, I think it would as I read it. I will need to know what and how to handle the LLC so that my wife becomes the sole member.

Megan C :

When you set up the LLC, have the attorney who drafts it draft a succession plan, and have it in the articles that upon your death your wife becomes member

Customer:

The LLC is already done so it would need to be modified if possible.

Megan C :

Yes, it would be simple. An amendment. Any attorney could do that for you.

Customer:

OK thanks.

Megan C :

You're welcome. Is there anything else you need?

Customer:

I don't believe so.

Megan C :

IF not, please take a moment to rate my response as 'excellent' so that I may receive credit for assisting you today

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,581
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Verified
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Thanks, Gregory for your positive rating. Please come back and visit me any time you have a question that needs answered. It was a pleasure working with you today.
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,581
16,581 Satisfied Customers
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

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