Deed properties in LLC into my Living Revocable Trust?

[Sam Zdrum]

I currently have a few LLC which hold rental properties. They each are manager managed and have a few members. The 2 elements of corporation for my LLCs are LLC protection and centralized management. I am currently setting up a Living Revocable trust to pass on my share of the llc to my beneficiary to avoid probate. To do so: my understanding is that I can sign over my membership interest of my LLC into the name of the living revocable trust. The language in my LLC Operating Statement in regards to assignments are as follow "Member sale, assignment or exchange. A member or a member's legal representative has the power to sell, assign or exchange such member's membership interest only with the majority approval of the other members". I do have the majority approval to assign my LLC membership. With this done, do I still need to deed the properties that are in the LLC into the Living Revocable Trust? Thank you for your time.

[Lance Lvovsky]

@Sam Zdrum

Based on the fact pattern that you provided, no you would not do that. Rather you would assign the LLC membership interest into your revocable trust. The LLC membership interest is an asset. Make sure you get this reviewed by tax and legal advisors.