[WSBARP] Property Conveyance Question

[Bryce Dille]

When all conveyances are made to they want the trust to own 95% of membership interest in LLC and daughter 5% or do they want to own the 95% as individuals in he LLC.?

Bryce H. Dille
Dille Law, PLLC
2010 Caton Way SW Ste. 101
Olympia, WA 98502
Office: 360-350-0270
Cell: 253-579-5561

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Business Entity Creation and Management, Business, Government and Tax Law, Real Estate and Land Use, Residential, Commercial and Condominium Development Real Estate and Commercial Transactions & Closings, Including Performing Services as IRS Section 1031 Exchange Facilitator Estate Planning, including Wills and Trusts, and Probate Administration Representation Homeowners/Condominium Association Real Estate Developments Real Property Foreclosures and Forfeitures.

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Jan Kelly
Sent: Thursday, April 14, 2022 11:19 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Property Conveyance Question

Clients own real property located in Snohomish County in a Nevada revocable trust. They want to convey it to their LLC. Trustors have 95% membership interest in the LLC, and their daughter has 5% membership interest.

Am I making things too complicated by the following transactions? Of course they want to avoid excise tax payments, as well as issues later with title.

1. Trustors convey property to themselves as individuals.
2. Trustors convey property to themselves and their daughter in the same shares as represented in the Operating Agreement, gifting their daughter 5%.
3. Then from the 3 of them to the LLC.

Thank you in advance.
--

Jan Kelly, JD/MBA
Attorney at Law

JK Law
PO Box 1964
Poulsbo, WA 98370
Direct Line (702) 338-6733

Licensed in Nevada and Washington.

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