If you want to donate your properties then you can do so in a Charitable Remainder Trust and receive the donation as a tax write off, still have control of them and pass them off to your children or other heirs without having to pay inheritance tax. Also, if you plan on moving ownership of your properties to an LLC then i suggest placing into an intervivos land trust (which is simple to do) and then assign the beneficiary rights over to your LLC. This will allow ease of transfer to other entities, get your name and your LLC’s name out of the public record and give you another level in defense of a lawsuit. Check out Bornchik’s book on Asset protection at Barnes and Nobles.
–Kevin
I currently have 4 rental properties, 14 residents in all, that me and my wife purchased. I’ve recently set up an L.L.C. and want to transfer the properties to the company. I heard that I can donate them. Is this so and if not, how do I go about achieving this?
Posted by Deborah on December 10, 2003 at 18:25:55:
Sorry…I don’t have an answer to your question. I was wondering however…what are the benefits of tranfering the rental properties to the LLC. I have a rental and my husband just started an LLC (related to his line of work). Thanks in advance for sharing your knowledge. Sorry I couldn’t be more helpful to you.