[MN] [MN] Can a revocable trust transfer my LLC to my daughter after my death?
My LLC owns a townhouse that my daughter lives in. If I include my daughter as a co-owner of the LLC, will she control the house if I die?
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Giving her 90% would make her the majority owner and give her significant control now. Since your LLC is already in your revocable living trust, a cleaner method might be to have your trust transfer the LLC to her after your death so you keep full control during your lifetime (Minn. Stat. § 322C.0502). Adding her now gives her immediate rights (Minn. Stat. § 322C.0408). Your estate attorney can draft an operating agreement if you transfer ownership now, and there may be tax implications.
In short:
– Adding her now = she gets ownership and control now.
– Keeping her as successor owner through the trust = she receives it after you pass, without affecting your current control (Minn. Stat. § 322C.0503).
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My LLC owns a townhouse that my daughter lives in. If I include my daughter as a co-owner of the LLC, will she control the house if I die?
I understand you're concerned about the implications of adding your daughter as an LLC co-owner. Are there any specific ownership agreements for the townhouse?
No, the only thing is that the title belongs to the LLC.
Have you considered any estate planning measures for your LLC and its assets?
The LLC is part of my revocable living trust.
Is there anything else the lawyer should know?
No.
Hi, I’m Blake, an attorney. How long ago was the townhouse purchased, and where?
The townhouse was purchased in 2017 in St. Paul, Minnesota. My daughter lives there and I want her to have ownership after I die. If I make her a co-owner of the LLC, will she then own the townhouse when I die?
Making her a co-owner could give her control, but it depends on the LLC structure. Are there any other members?
No other members. Should I give her 90% ownership of the LLC? The LLC has no other assets.
Giving her 90% would make her the majority owner and give her significant control now. Since your LLC is already in your revocable living trust, a cleaner method might be to have your trust transfer the LLC to her after your death so you keep full control during your lifetime (Minn. Stat. § 322C.0502). Adding her now gives her immediate rights (Minn. Stat. § 322C.0408). Your estate attorney can draft an operating agreement if you transfer ownership now, and there may be tax implications.
In short:
– Adding her now = she gets ownership and control now.
– Keeping her as successor owner through the trust = she receives it after you pass, without affecting your current control (Minn. Stat. § 322C.0503).
Thank you. I think I understand.
You're very welcome. I wish you the best.
I appreciate your help. Good day.
Blake
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