If you have real property or perhaps a homestead as well as a vacation home, there can be complicated processes for transferring property ownership to your beneficiaries. More and more people are taking advantage of incorporating real property. A Limited Liability Corporation (LLC) can hold property rather than an individual.
When an LLC holds property, the individuals who run the LLC may change over time but the ownership remains consistent because the owner continues to be the LLC rather than any one person. For example, grandparents may own a cabin which they hope to leave to all their descendants can create an LLC to own the property for the benefit of all future generations of the family. The cabin cannot be taken as part of a divorce action, and the property does not become part of anyone’s estate because it is owned by the LLC.
Getting Legal Help
There may also be protection strategies such as protecting assets from creditors and estate taxes by creating an LLC to hold a cabin or vacation home. An experienced estate planning attorney can give you more information about how an LLC might work for your individual estate planning goals. Contact us today at 973-841-5111.
Posted in: Estate Planning, New York Estate Planning