Legal Question in Wills and Trusts in Alabama
Can I will an LLC to my Father that has both assets and liabilities in full so that my spouse does not have to pay the liability out of my estate? i.e. both the assets and liabilities become my Father's responsibility?
Asked on 4/05/12, 3:59 pm
1 Answer from Attorneys
Dean Stein
Harville-Stein Law Offices, LLC
You can leave anything you want to anyone. However, just because you leave an asset with an corresponding liability to someone, does not make them responsible for the liability. They might disclaim what you have left them, or possibly just take the assets from such an LLC not directly secured by a specific liability. In any case, if the assets and liabilities are in an LLC, unless your wife has a partner interest in the LLC, she should not personally be responsible for the acts, doings and obligation of the LLC. -Dean.
Answered on 6/16/12, 2:11 pm