[WSBAPT] Question on Property transfer to an LLC

[Ralph Maimon]

My 2 cents:

I think the following deed form is okay:  One deed with Grantors, John Jones, as his separate property and Jane Jones (nee Smith) as her separate property to Grantee, Jones LLC
Then they should agree between themselves that they each own the LLC as community property in a post nup?  Or some separate writing.  I don't think that a separate deed to them as CP is necessary. The LLC is a separate entity.  That is okay for the transfer but the only concern would be whether the proportionate shares will be the same in the LLC, if they transfer from their separate property.  They are tenants in common (?)  to begin with and then they are becoming owners of an indivisible half share of the LLC.  I would double check the exemptions to make sure it is okay.

Ralph Maimon

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Keil Larsen
Sent: Tuesday, November 20, 2018 1:44 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Question on Property transfer to an LLC

Hello all,

A quick question to see whether I have the order of events correctly to transfer property from two individuals into an LLC also owned by them.

Two individuals purchased real property prior to marriage as their separate property.  Later, they were married but never updated the title to the property to reflect the community interest.   The wife also changed her legal name to take her husband's last name.  Now they want to transfer the property into an LLC.

Do I need to have them execute two separate quit claim deeds (1) from their separate property to the community and (2) from the community into the LLC?  Or can this be accomplished by way of one deed in which I reference the prior marriage and subsequent name change?

Thanks for your insight

Keil A. Larsen
Attorney at Law
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