Family LLC Estate Planning Benefits Family LLC estate planning can add a level of separation between personal and business assets, increase management options, provide estate tax benefits, and address succession planning. Do you have a Florida estate plan right now? Are you looking for ways to improve your plan for yourself, your loved ones, or your business? Whether it is to protect your hard-earned savings, create a legacy for a family member or charity, or evaluate new strategies for wealth preservation, we understand the need to revisit your Florida estate plan and work with your experienced Florida estate planning attorney. He will not only be able to assist you in reaching your goals but also ensure that they can continue to be met as your needs evolve and the laws governing your planning change. Whether you are revisiting your existing Florida estate plan or you are just getting started in the journey to create an estate plan, we know you may have questions. While your first goal may be to create your legacy through your estate plan, a close second may be to look at your asset structure to find a way to reduce taxes and possibly consolidate management of your assets. To achieve all three of these goals, using family LLC estate planning may be something you want to discuss with your Florida estate planning attorney in your initial meeting. Let us share more information right here on why family LLC estate planning should be considered: Asset protection planning purposes. When you have a limited liability company it can provide an additional layer of protection for your personal assets by separating them from the business assets held within the company. Your experienced Florida estate planning attorney will be able to walk you through the steps that need to be taken to separate yourself from your business. One of the main reasons to do this is to possibly separate the potential legal issues and creditor claims against your company from you, and thereby your estate. Estate tax planning purposes. Depending on the size of your estate, utilizing a limited liability company may offer opportunities for estate tax planning. By transferring certain assets to the LLC under the advice of your Florida estate planning attorney, you may be able to utilize certain tax-saving strategies such as valuation discounts or gifting strategies and more to minimize estate tax implications. Management and control purposes. Your LLC can allow for flexible management and control options as opposed to an outright asset. You can designate managers and members who will have decision-making authority and specify the rules governing the operation of the LLC in its operating agreement that can outlive you as well. This can be beneficial if you want to maintain control over your assets during your lifetime and help you to designate specific individuals to manage them after your death. Furtherance of your succession planning purposes. If you have a family business or investment holdings, using an LLC can aid in your succession planning and work in conjunction with your Florida estate planning. By transferring ownership interests in the company to family members or beneficiaries, you can establish a clear framework for the transition of assets and ensure their continued management according to your wishes. We know this article may raise more questions than it answers. Our estate planning law firm takes a very different approach from what you might have come to expect. Our goal is to create lifelong relationships with each of our clients, to guide and manage your legacy for the rest of your life. Please contact our offices in Stuart and in Palm City to learn more.
