how to best configure llc with a trust

by Bill B (name withheld for privacy)

Hello,
My wife and I want to purchase 3 to 6 multifamily homes in new york state for the purpose of rental income.
I have an irrevocable life insurance trust,own a home with an umbrella policy, some liquid asset, cars.
How do I best structure the LLC?
Thanks Bill B

Answer

If you're asking about structuring the LLC ownership for estate planning purposes, you're going to need to speak with an attorney who specializes in estate planning.

The reason I say that is, the fact that you have an irrevocable life insurance trust makes me think that you have already seen an estate planning attorney, as these are often used to get your insurance assets out of your estate and avoid estate taxes.

Estate planning is very complicated and specialized.

A "general" commercial/business attorney is not going to understand the complexities of estate planning law the way a dedicated estate planner would.

There might be significant estate planning consequences for how your LLC shares are held--particularly if you have a net worth above $2 million.

Gauging from the fact that you are buying 3-6 multifamily buildings, my guess is that you gave significant net worth.

Bottom line: see an estate planner.