Sole Proprietorship to an LLC
Hi,
I'm seeking advice from the community, especially from those with relevant experience.
My mother owns several properties under her and my father's names (my father is now deceased). These properties haven't been transferred to my name due to potential tax implications, as they were purchased in the 80s and have been fully paid off since.
In light of this, I'm curious about potential tax issues related to transferring these properties to an LLC.
Additionally, can we establish a trust for these properties once they are under the LLC, aiming to avoid tax implications upon my mother's eventual passing?
Thank you for any insights or guidance you can provide.