LLC's for asset protection AND estate planning

[David Disraeli]

I live in Texas where LLC's are very popular asset protection tools. However they also provide for or can provide very interested estate planning tools. If an llc member dies and owns a number of properties or other assets, those assets do not go through probate, only the member's units. If for example, the other members are family, any officers or managers they may continue to manage the affairs, make distributions or other business decisions. The same would be true during a disability. Powers of attorney are great to have but may not be effective. If the LLC has other managers or officers other than the disabled person, a power of attorney is not required to transact business.

ALWAYS seek the advice of a licensed attorney in the state in which you conduct business before taking any action.