<div dir="ltr">This all makes sense, except the part about a RLT being an entity with its own life. A RLT is not an entity. It is not subject to Secretary of State business registration rules. A RLT agreement provides that the trustee(s) will hold, and own, specified assets in trust for specified purposes. It is not proper or legally adequate to convey property to a trust; you convey to the trustee(s).</div><div class="gmail_extra"><br><div class="gmail_quote">On Tue, Mar 21, 2017 at 11:23 AM, Mike Winslow <span dir="ltr"><<a href="mailto:mike@winslegal.com" target="_blank">mike@winslegal.com</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div lang="EN-US" link="#0563C1" vlink="#954F72"><div class="m_5717767593743776619WordSection1"><p class="MsoNormal"><span style="color:#1f497d">You might benefit from diagraming this out, with some boxes or compartments to better illustrate what is happening. Keep in mind you have two separate entities, each with specific assets. Revocable Living Trust (RLT) and the LLC.<u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d">Here is how it looks:<u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p><p class="MsoNormal"><span style="color:#1f497d">The RLT is your probate avoidance device. The RLT is an “entity”, with its own life.<u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d">The RLT owns the <b>units </b>in the Property LLC, not the property itself.<u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d">The units in the LLC belong to the RLT by virtue of the transfer of the units under the assignment you describe.<u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p><p class="MsoNormal"><span style="color:#1f497d">The LLC is an entity separate from the RLT.<u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d">The LLC owns the property by virtue of the QCD to the LLC. That deed lists the record owner as the LLC, not the RLT.<u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p><p class="MsoNormal"><span style="color:#1f497d">At death of the Trustors under the RLT, the successor trustee may transfer the units in the LLC to the residuary beneficiaries of the RLT. No probate required to accomplish that act.<u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d">Once the residuary beneficiaries own the units in the LLC, they control the LLC and may do as the please (subject to applicable tax laws) with the property. The new unit owners may transfer the property out of the LLC by deed from the LLC to the beneficiaries, although they may be benefit to leaving the property in the LLC if they intend to continue to own and manage the property.<u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p><div><p class="MsoNormal"><span style="color:#1f497d">Michael A. Winslow<u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d">1204 Cleveland Ave.<u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d">Mount Vernon, WA 98273<u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d">Ph. <a href="tel:(360)%20336-3321" value="+13603363321" target="_blank">360-336-3321</a><u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d">Em. <a href="mailto:Mike@winslegal.com" target="_blank">Mike@winslegal.com</a><u></u><u></u></span></p><p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p><p class="MsoNormal"><span style="color:#1f497d">This message is from an attorney, so it’s confidential. If you are not the intended recipient, it’s too late to stop reading this message, but you may not use it for any improper purpose. Huge Disclaimer available upon request.<u></u><u></u></span></p></div><p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p><div><div style="border:none;border-top:solid #b5c4df 1.0pt;padding:3.0pt 0in 0in 0in"><p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.<wbr>com</a> [mailto:<a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.<wbr>wsbarppt.com</a>] <b>On Behalf Of </b>Margaret Delp<br><b>Sent:</b> Monday, March 20, 2017 3:23 PM<br><b>To:</b> <a href="mailto:WSBAPT@lists.wsbarppt.com" target="_blank">WSBAPT@lists.wsbarppt.com</a><br><b>Subject:</b> [WSBAPT] Assignment of LLC to Revocable Living Trust<u></u><u></u></span></p></div></div><div><div class="h5"><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal">Husband and Wife have transferred their real property via quit claim deed to an LLC. Husband and Wife are the only owners of LLC. Husband and Wife have also signed a Revocable Living Trust. They have also signed an “LLC Membership Assignment” assigning their interest in the LLC to the Trustee of the Revocable Living Trust. (Multiply above by 4 properties, and four different LLCs).<u></u><u></u></p><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal">QUESTION: Upon death of the surviving spouse, can the successor trustee of the Revocable Living Trust simply execute a deed transferring title to the LLC’s real property to the beneficiaries identified in the distribution provisions in the Revocable Living Trust without opening a probate? Would they need to record the LLC Membership Assignment and a Certification of Trust with the County along with the deeds at the time of distribution of the properties? <u></u><u></u></p><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal">Thanks much,<br>Margaret<u></u><u></u></p><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal">--<u></u><u></u></p><p class="MsoNormal">Law Office of Margaret Delp<u></u><u></u></p><p class="MsoNormal">Mailing address:<u></u><u></u></p><p class="MsoNormal">PO Box 292<u></u><u></u></p><p class="MsoNormal">Langley, WA 98260<u></u><u></u></p><p class="MsoNormal">Physical Address:<u></u><u></u></p><p class="MsoNormal">2815 Howard Road, Second Floor<u></u><u></u></p><p class="MsoNormal">Langley, WA 98260<u></u><u></u></p><p class="MsoNormal">Telephone: <a href="tel:(360)%20579-4530" value="+13605794530" target="_blank">360-579-4530</a><u></u><u></u></p><p class="MsoNormal"><u></u> <u></u></p></div></div></div></div><br>______________________________<wbr>_________________<br>
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<a href="http://mailman.fsr.com/mailman/listinfo/wsbapt" rel="noreferrer" target="_blank">http://mailman.fsr.com/<wbr>mailman/listinfo/wsbapt</a><br></blockquote></div><br><br clear="all"><div><br></div>-- <br><div class="gmail_signature" data-smartmail="gmail_signature"><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr">Teunis J. Wyers @ Wyers|Wyers, Attorneys<div><span style="font-size:12.8000001907349px">Oregon Office:</span><div> 216 Columbia St. - P.O. Box 917</div><div> Hood River, OR 97031</div><div> (541)386-2210/610-1520 (fax)</div><div>Washington Office:<br><div> 218 E. Steuben St. - P. O. Box 421</div><div> Bingen, WA 98605</div><div> (509) 493-2772/493-2406 (fax)</div><div>Email: <a href="mailto:teunisj@wyerslawpc.com" target="_blank">teunisj@wyerslawpc.com</a></div><div>Web: <a href="http://www.wyerslawpc.com" target="_blank">www.wyerslawpc.com</a></div><div><br></div><div><p style="font-size:12.8000001907349px;background-image:initial;background-repeat:initial"><font color="#000000"><span style="font-size:11pt;font-family:Calibri,sans-serif">NOTICE: This email (including any attachments) is covered by the Electronic Communications Privacy Act (EPCA), 18 U.S.C., Sec. 2510 - 2522, is confidential and privileged. This email is solely for the personal and confidential use of the recipient(s) named above. Receipt by anyone other than the individual recipient(s) is NOT a waiver of attorney-client privilege. Any violation of the ECPA is subject to the penalties stated therein. If you have received this message in error, please notify me immediately by reply e-mail </span><span style="font-size:11pt;font-family:Calibri,sans-serif">and immediately delete the original message.</span></font><span style="color:rgb(34,34,34);font-size:11pt;font-family:Calibri,sans-serif"><u></u><u></u></span></p><p style="color:rgb(80,0,80);font-size:12.8000001907349px"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)"><u></u> </span></p></div><div><span style="border-collapse:collapse;font-family:Arial"><font size="1"><br></font></span></div></div></div></div></div></div></div></div></div>
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