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Creating an LLC for Estate Planning and Business in Florida

LLC_

There is a reason there is an actual term called “Land Banking.” The idea is that, generally speaking, those who buy land, buy property, have protected their money in a similar fashion as depositing it in the bank.

Of course, no investment is guaranteed. But in recent years the call for property has been enormous. Many savvy investors have seen dividends that are reliable and recurring. And while it is clear to see that it is possible to make money in the Florida real estate market – it is important not to rush into things. Particularly when you simultaneously think of building your estate plan to correspond with your business portfolio.

One important step that many find to be a beneficial approach is to invest in real estate via creation of a Florida LLC. It is, in fact, a very popular step that many take advantage of when building their estate plan.

This article aims to discuss some top-level items concerning LLCs and the role they can play in estate planning. For official legal advice specific to your situation, contact one of the experienced wills & probate attorneys at Suncoast Civil Law.

What is an LLC?

First – what even is an LLC? An LLC is a hybrid business entity. LLC’s have some characteristics of a corporation and partnership, or sometimes a sole proprietorship. However an LLC, officially, is not a corporation. It is an unincorporated association.

One important characteristic an LLC shares with a corporation is that LLCs have limited liability. And, similar to a partnership, there is the potential for pass-through income taxation. This means that LLC’s are more flexible entities than corporations, and can be a good option for many, such as companies with a single owner.

How Do LLC’s Fit into Estate Planning?

LLCs are frequently chosen as the vehicle of choice to accomplish a couple of different objectives. One consideration for many who choose to utilize an LLC in their estate plan, is that an LLC can help to facilitate gifts by individuals to their children and grandchildren. Utilizing the LLC in this way can help to minimize taxes paid upon death, and the value of assets passed down in other forms, such as through the terms and dictates of a last will and testament. Utilizing the LLC can centralize management of the asset during and after gifting, and offers a certain level of asset protection from some creditors. For more specific information, contact one of our wills & probate attorneys.

Benefits from LLC in Estate Planning

Some notable benefits of using LLCs in estate planning include:

  • Can be used to consolidate and manage family assets (this can also be accomplished via a trust).
  • Can simplify gifting assets
  • An LLC can provide some level of protection for assets from claims made against family members by third party creditors. Providing a streamlined mechanism for transfers of interests in family assets, thereby simplifying the gifting process.

Contact Suncoast Civil Law

The experienced Sarasota wills & probate lawyers at Suncoast Civil Law understand that creating an estate plan is about more than simply building a last will and testament – it is about forging a mechanism that can help you manage and direct your estate now, and into the future. Contact our office today to learn more about how our team can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0600-0699/0605/Sections/0605.0304.html

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