LLC Planning

October 10, 2008   Estate Administration,   Business Planning

The Importance of Treating Your LLC as a Business

By Cecil Smith, J.D. & Carol Gonnella, J.D.
Now that you have formed an LLC for your client, the LLC as an independent and separate entity from his other affairs. Among other things, your client’s goals are to:       • Protect his assets from future creditors;     • Protect his other assets from any claims made against the LLC;     • Have centralized management for future generations;     • Protect the assets against failed marriages;     • Facilitate transfers among family members;     • Obtain discounts for estate and gift tax purposes, or for purposes of a sale to family       members or trusts for their benefit.   The IRS often attacks these discounts in LLC planning. Their a...
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