Mr. Goodwin is everything you want in an attorney: professional, honest, thorough, and genuinely caring. He always explains things clearly, so I understood exactly what was happening and what to expect next. His attention to detail and persistence really stood out. Looking back, I feel lucky to have found him. He guided me through the whole process expertly, and I deeply appreciate all his hard work. Would definitely recommend him to anyone needing legal help.
Call Today:
212-233-1233
Why Form a New York Family LLC?
Forming a New York Family LLC, in addition to being of great help in consolidating the management of family assets and businesses, provides two considerable estate tax advantages:
Advantage #1: up to 28% discount on the valuation of your assets. An LLC will not completely remove assets from your estate. However, if you form the LLC with sufficient restrictions, you can get a discount of up to 28% in the valuation of the LLC’s assets in your estate. But forming the LLC with too much restriction could invalidate it. That is why an experienced New York estate planning attorney is needed to form a Family LLC that is consistent with the latest case law and will not be successfully challenged by the IRS.
Advantage #2: the ability to gift shares of your assets each year gift and estate tax-exempt. You and your spouse could gift up to $13,000 each or a total of $26,000 of the fair market value of your family LLC to each of your children each year. This strategy helps reduce your interest in the LLC and the value of your gross estate at the time of your death. Title to real estate that is transferred in the name of the LLC also helps protect your assets from creditors as well. A New York probate and estate attorney can draft the LLC operating agreement to make sure that you are maximizing all your estate tax benefits and assist you with other estate planning matters.
Forming a family LLC is a great estate planning technique for families that own a family business, investment real estate and/or rental properties and even stocks, and want to leave those assets to their children and save federal estate taxes. By forming a New York LLC for your business or real estate investment business, you and your spouse can make yourselves managers and members holding the majority interest in the assets owned by the LCC and gift percentages of the LLC to your children each year under the federal gift tax exemptions.
A Family LLC is an advanced estate planning technique that should be approached with professional legal advice. If you wish to speak to a New York estate attorney, call the Law Offices of Albert Goodwin at (212) 233-1233.
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 15 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
