A trust can own an LLC in New York. To create the LLC, the trust is named as a member in the articles of organization. A living trust allows asset protection while still planning for inheritance. Consulting an attorney is highly recommended before moving forward.
Benefits of a Trust Owning an LLC
- Probate avoidance
- Protection of assets
Real estate investments can be risky. Putting them into an LLC owned by a trust protects other trust assets. To change LLC ownership, amend the operating agreement.
Common Questions
Should my trust own my holding company?
The decision about a trust owning an LLC should be made with careful consideration and legal guidance.
Can a trust own a partnership?
While this text does not directly address partnerships, the principles of asset protection and probate avoidance are similar. Consulting with an attorney for specifics is advisable.