Limited Liability Company transfer documents

Do you own a business?

If you own a business, you need to plan for what happens to the business if you were to pass away or become incapacitated. This is even more true if you have business partners. Sadly, countless businesses have crumbled due to poor or nonexistent planning. If you have ownership interests in any Limited Liability Companies (LLC membership interests), closely held corporations (stock or shares in the corporation), or partnership interests, it is crucial that such interests be included in your comprehensive estate plan. Generally speaking, such interests need to be transferred into your trust to ensure that they are not tied up in probate when you pass away. Probate often kills small businesses that are unfortunate enough to get caught in its grasp. Probating business interests, particularly if that business supports and your family, must be avoided at all costs. There are many tools and options that can be employed to facilitate this, from simple assignments, to complex buy-sell arrangements funded by life insurance. Many estate planning attorneys will not help you complete these documents, which leaves what may be your most important asset, your business, outside your trust. Planning for your business interests is hugely important and should be a key part of your estate plan. The attorneys at Woods Law Group can prepare the necessary documents to transfer your business interests into your trust to ensure those valuable assets are properly passed onto to your loved ones.

 Thompson Reuters Super Lawyer