Legal Question in Wills and Trusts in New York
LLC vs Trust
When my Mom passed away five children formed an LLC so the house was deeded to the LLC, now we are wanting to get a new mortgage loan on the house to do some restoration and was told that we could get a loan if we were a trust not an LLC. What is the difference and what would it take to change from an LLC to a trust if possible.
1 Answer from Attorneys
Re: LLC vs Trust
The differences between the LLC and the Trust, with respect to the five children, depends on the terms of the trust and the terms of the LLC's operating agreement. If all five siblings are in agreement, you can re-title the property to the trust, or so other solution (owning the property as joint tenants or tenants in common, etc.).
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