[WSBAPT] Question on Property transfer to an LLC

[Andrekita Silva]

Keil,
     I agree with Ralph that separate deed(s) to the community are not
necessary in order to deed the separate properties to the LLC.
     The reason is that, the character of property is established at the
time of purchase.   Under certain circumstances, a community might
acquire an equitable interest in a parties separate property. But the
community doesn’t acquire a legal interest in property by  the simple
act of marriage.
     I also agree that it would be wise for the parties to execute a
writing that establishes their ownership interest in the LLC. Is it
100% community owned with a presumptive 50/50 interest? Or is the
percentage of the interest  owned proportionate to the size of the
contribution?
     Especially if the separate property contributed is not equal, it is
better to decide that ownership interest now while they are on good
terms.

andrekita
Law Office of F. Andrekita Silva
1325 Fourth Avenue, Suite 2000
Seattle, Washington 98101
206-224-8288
www.seattle-silvalaw.com






On Tue, November 20, 2018 2:06 pm, Ralph Maimon wrote:
> 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
>
>
> Law Office of Ralph Maimon, P.S.
> 2811 E. Madison Street, Suite 202
> Seattle, WA 98112
> (206) 323-0911
> Fax: (206)462-1505
> www.maimonlaw.com<http://www.maimonlaw.com/>
>
>
>
> This email is confidential. If you have received it in error,
> please notify me and delete it from your device without reading.  Thank
> you.
>
> 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
> Reed Pruett Walters Larsen
> PLLC<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.rpwlawfirm.c
> om_&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=48uCzqbn0A0f
> uu0Vx7HiXuyvQSYkBeVAtLY41jGTlHo&m=1gRxdKBn66Uf6ldLD597-TftjFRBHbeVmi9vV7g
> 6RHg&s=edWX8vbNA8VOmprsqh3tMvkzHmcuaWdraoRAwJMbVMs&e=>
> 11120 NE 2nd Street, Suite 200
> Bellevue, WA 98004
> KLarsen at RPWLawFirm.com<mailto:KLarsen at RPWLawFirm.com>
> Direct 206-953-9633
> Fax 425-642-8260
> NOTICE: The information contained in this email is confidential and may be
> subject to the attorney-client privilege. If you are not the intended
> recipient, you are hereby notified that any use, dissemination,
> distribution or copying of this email is prohibited.  If you received
> this email in error, please immediately notify the sender by telephone at
> the number above.
>
> _______________________________________________
> WSBAPT mailing list
> WSBAPT at lists.wsbarppt.com
> http://mailman.fsr.com/mailman/listinfo/wsbapt