Jerry - thanks for the great information! One followup... if I own rental properties in my LLC, and/or in my LP, and want to put them into a revocable trust for my kids to inherit, will my kids get the stepped up basis for those properties? Thanks in advance.
Great discussion. Only concern I have is that once you assign your interest in the LLC to your trust, aren't you opening up the trust to claims that might come in against the LLC and also exposing all other assets that are owned by the Trust to that single claim? For example, if I have three properties titled in three different LLC, and all of them are assigned to my trust, aren't I exposing all three properties to the one claim against one of the LLCs?
Jerry - thanks for the great information! One followup... if I own rental properties in my LLC, and/or in my LP, and want to put them into a revocable trust for my kids to inherit, will my kids get the stepped up basis for those properties? Thanks in advance.
Great discussion. Only concern I have is that once you assign your interest in the LLC to your trust, aren't you opening up the trust to claims that might come in against the LLC and also exposing all other assets that are owned by the Trust to that single claim? For example, if I have three properties titled in three different LLC, and all of them are assigned to my trust, aren't I exposing all three properties to the one claim against one of the LLCs?