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Updated over 3 years ago,
Deed properties in LLC into my Living Revocable Trust?
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.