Legal Question in Wills and Trusts in California
Can you place the ownership of a business into a trust? Please let me know the pros and cons of doing so.
Asked on 3/25/10, 5:36 pm
1 Answer from Attorneys
Ken Koenen, LLM
Law Office of Ken Koenen
You can placed ownership of anything into a trust, but it may not be the best thing to do. It depends on the reasons and the type of trust. If you are looking at having someone in your family take over the business, you need to look at business succession issues. Taxes, probate, etc.
If you have a viable business, then you need to speak with an estate planning attorney. If you are trying to avoid liability, then you set up a corporation or LLC, not a trust.
Answered on 3/30/10, 10:03 pm