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Updated over 11 years ago, 03/01/2013

User Stats

2
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0
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Brett Dennis
  • Overland Park , KS
0
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2
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Transferring property to LLC and LLC setup.

Brett Dennis
  • Overland Park , KS
Posted

I did see several LLC threads...very helpful. I want to go back to the attorney knowing more details from experienced real estate investors. I do have LLC's and one is holding real estate with my father so some experience with the subject in general. I'm setting up a KS LLC for KS properties. Reason, new tax law no LLC tax for KS LLC's. and asset protection. Ultimately the LLC will need to flow to a Joint Revocable Trust to avoid probate. I'm sure my attorney can address that piece. The 4 properties are titled in 3 different ways for various reasons at the time, 1031 exchanges, for convenience and urgency of gaining signatures and closing. 2 homes are titled in both our names. 1 titled in my name only. 1 is titled in both our names in the revocable trust. I'm wondering if these properties need to have the same names on the title in order to be contributed to the LLC, members can be my wife and I? Is they do need the same names that might create additional issues with title insurance and more paperwork. I hope the title companies will either amend or reissue insurance in the name of the LLC in order to avoid losing the insurance. Thank you in advance for the expertise.

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