You are here:

Trusts & Estates Law/How to set up a LLC trust for 3 nephews

Advertisement


Question
"Hi,
I am a UK resident and would like to invest in some property in the USA. ! am not looking to sell the property within a year or two (flip), but would like to have my nephews, who are US citizens, as the (trust fund) owners, when they turn 21. (10 - 12yrs from now)
What is the best way to set up the account.
Can I open an LLC in there name with me been a "guardian". and have the 3 of them equal shares also.

I will be hoping to rent the property in the mean time to help pay the Tax / Insurance / improvements, and all other bills that may arise.
The surplus rent would belong to the LLC."

Answer
Hi Bernie,

There is no such thing (here) as an llc trust.  A trust has three components, a donor (creator) beneficiaries and at least one trustee.  Certainly the trust can one shares of an LLC but it is not necessary to form an LLC.  What you are asking for is simply an irrevocable trust.  Anyone you wish can be the trustee, even a non citizen.  However it would be best to choose someone close by who knows the beneficiaries.

I can help set this up is you wish or you can locate a US attorney.

David Disraeli
david@pcfo.net

Trusts & Estates Law

All Answers


Answers by Expert:


Ask Experts

Volunteer


David Disraeli

Expertise

I can answer general questions about estate planning and trusts. I can also answer questions about estate tax reduction and advanced charitable giving, family partnerships and asset protection. I may have already answered your question here: www.lifeplanblog.com or here www.pcfo.net

Experience

I have worked for 24 years with clients and their attorneys to formulate estate plans to meet client goals. I have found many mistakes made by client attorneys and were able to have them corrected. I focus on making sure that beneficiaries are protected from current or future spouses and lawsuits so the wealth stays in the family. I have also published a book on Aging Parents which can be found on Amazon https://www.amazon.com/dp/B003VP9WTG

Organizations
President and founder of The Personal CFO Inc.

Publications
www.pcfo.net www.lifeplanblog.com

Education/Credentials
Certified Financial Planner 1994

©2016 About.com. All rights reserved.