Q: Two organizers on a real estate LLC and one dies, does #2 own it all? Bradford PA
I am about the organize a real estate LLC and would like to pass the properties to my niece upon my death - if I ask her be an organizer will she own the properties upon my death?
A:
You need to review this with a lawyer. However, if you write a Will and leave your interest in the LLC to her and, at the same time, insert a provision in your Operating Agreement to express that that is your intent, you should be able to accomplish this.
Remember that there will be an inheritance tax on the value of the LLC that passes to her, and you must provide for that.
You can also review with a lawyer if it makes sense to have the LLC jointly owned between you and her. That is the easiest way to accomplish this and will result in less inheritance tax. However, there may be reasons that joint ownership is not good for you, which is why this transaction must be reviewed with a lawyer.
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