2 hours, should I put in LLC to avoid probate

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    • #3732
      kiterunner62
      Participant

      Sirs:
      I am getting ready to work on estate planning for myself. I have 2 residential properties. On one of the properties I donated 1/2 to my son, with me maintaining uses. The other property is 100% in my name.

      To avoid probate, should I put these properties in an LLC? do one LLC? or do 2 LLC’s. Which is the best way to go.
      thanks.

    • #3737
      Lex
      Keymaster

      Being in an LLC would not ordinarily avoid probate the way you describe.

      Someone would own the LLC or LLCs and that ownership would need to go through probate in most circumstances.

      We usually do an LLC in conjunction with a revocable trust. The trust avoids probate and the LLC avoids putting the other assets you own at risk should the property in the LLC give rise to a lawsuit. That is often the case with rental properties.

    • #3791
      kiterunner62
      Participant

      thank you so much. I will look into this…

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