Legal Question in Wills and Trusts in Texas
Will & LLC
My wife and I purchased a property and built a building in 2004. My wife then put the building in an LLC for lawsuit protection with herself named as president. As the spouse, I am not listed as an officer of the LLC nor is anyone else. Recently, my wife was diagnosed with cancer. Hopefully, everything will go OK. Our will has provisions that all assets and property will go to the surviving spouse. If things do not go well for my wife, does the LLC automatically pass through to me? If so, will a probate tax be incurred with the inheritance? Would you suggest placing the LLC in a revocable trust with the assets going to the surviving trustee?
3 Answers from Attorneys
Re: Will & LLC
With such estate matters and having established an LLC..go to that lawyer for advice or Mr. Leon or Smith..it is too complicated to answer on a list as this...
Re: Will & LLC
Your wife should list the LLC interest in her will, in order to avoid complications.
Re: Will & LLC
Also, estate tax is incurred in very large estates. If your wife's assets over a million, you could contact a cpa for estate planning. A revocable trust is not necessary, but as Mr. Leon advised, the LLC should be listed, so have your wills revised.