Full question:
Setting up a will for personal assets seems simple, but what do you do with a business? I have a single member LLC for the purpose of real estate purchases, rentals, etc. There are 9 properties held jointly with a partner/friend using my LLC, two in self-directed IRAs, three single family houses, and one four-unit apartment building owned 100% by my LLC. We have two adult children that we ultimately want to inherit everything, but they don't have the skill set yet to take over the LLC. I don't particularly want to use a trust. What's the best way to set up our estate?
- Category: Wills and Estates
- Date:
- State: Missouri
Answer:
Your interest in your LLC will generally be considered an asset of yours that can be distributed as part of your estate. Therefore, assets owned by the LLC would probably be distributed along with the ownership of the LLC as well. You may need to contact a local attorney to seek specific legal advice relating to your particular circumstances. We have provided you a link to our attorney directory below.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
