Chris Purcell
I inherited some money that currently sits in an estate account (estate has been closed, but it still produces income through investments). Since we have paid taxes for 2016 and closed the estate, I wanted to see if I needed to be careful about what money I pull/how much and if there are any regulations on how much I can dump into my LLC business checking account. I don't want to be exposed to double taxation on that money. There is also another LLC account that holds real estate owned by my father that also produces income. I separated that out with a liability policy to reduce risk to our family. I'd like to parse out some money to that account as well as we are evaluating development opportunities on one of the currently rented lots. Just want to understand how to move the money:
- Do I need to cut a check to myself from estate before depositing to my new rental LLC?
- Can I cut a check directly from estate account to other LLC account for development funds?
- Are there other issues I should be considering?
Thanks!
Chris