How to secure my grandmother’s property?
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How to secure my grandmother’s property?
My grandmother left a Will in which she left 1 property to 8 of her children. The Will hasn’t gone through the probate process yet I would like to encourage my dad and his siblings to create a perpetual entity that shields it members from personal liability. It would make it easy to transfer to heirs by allowing us to avoid the probate process. Should I create an LLC?
Asked on December 2, 2011 under Estate Planning, New York
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You need to create a trust because an LLC really is creating a business and you will be paying dearly for transfer taxes. The best thing to do at this point is to meet with a tax attorney in your state who handles estate planning. Most lawyers who practice one do practice the other our of necessity At the point you feel you have everyone on board, talk to the lawyer about a perpetual trust (especially if this is a substantial estate or property) and especially if there is a question as to the number of grandchildren who stand to inherit the property. If the property is going to be used as a commercial enterprise, like for rent or for businesses, then you may wish to create a private trust account that places property in an irrevocable trust.
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