One thing you can do is to go and create the land trust. The LLC sells or deeds to that property that’s in the LLC to the land trust. Now the land trust owns the property, then the beneficiary of that land trust can be the LLC or the beneficiary can be your trust and your partner can have the LLC. The partner can even have their own trust as well.
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Scott Paton:
I know you’re going to love this question loop. How do you form a land trust if you already have a business partner in an LLC?
Lou Brown:
Well, one thing you can do is to go and create the land trust. The LLC sells deeds that property that’s in the LLC to the land trust. Now the land trust owns the property. And then the beneficiary of that land trust can be the LLC or the beneficiary can be your trust and your partner can have the LLC or the partner can have their own trust as well. So definitely’ having the privacy, the protection, the probate avoidance, and the profits that can come from putting your property into trust is a good idea. Even if the property is already owned by an LLC,
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