Re: Irrevocable trust and LLC
[Re: AndyF]
#2804183
08/02/20 01:33 PM
08/02/20 01:33 PM
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Joined: Feb 2015
Posts: 2,070 CA
crackedback
top fuel
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top fuel
Joined: Feb 2015
Posts: 2,070
CA
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Congrats on subsidizing the other kids... sucks as I've seen this a bunch of times.
Unfortunately, this needed to be treated as a "business" from the outset (signed lease, etc.) especially if the other family members are using the asset and not paying. In a nutshell, if the two of you are trustees, you have a "responsibility" to look out for all beneficiaries of the trust. If the other trustee(s) are OK with the lack of revenue, they are in breach of that duty. Have to have something to hold feet to the fire in cases of non compliance. Nothing like a business with family... kills a bunch of goodwill most of the time.
There is usually language regarding sale of assets and whether the trustees must agree on the sale, etc. Seen so many where there are 2+ trustees and all it takes is one of them to say, NOPE, and everything comes to a screeching halt.
Maybe look for a legal aid help service in the area that could help with answering your question. Most attorneys will provide a consultation for free, might be another course of action.
Good luck
Last edited by crackedback; 08/02/20 01:36 PM.
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Re: Irrevocable trust and LLC
[Re: Rhinodart]
#2804404
08/02/20 05:39 PM
08/02/20 05:39 PM
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Joined: Aug 2019
Posts: 9,422 Super Spudsville
Mr PotatoHead
Half Baked
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Half Baked
Joined: Aug 2019
Posts: 9,422
Super Spudsville
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Yep, get all the docs and see how it is worded.
But your situation blows, its seems many who are in your situation are caught between a rock and a hard place.
Its very hard to break even some of the most simple ones, if all involved do not agree, even when in agreement its not cheap to do.
Factor in a loser family member like in my situation and just wow, GIVE a family a place to live that went from maintenance/ins/taxes to not even paying the taxes and the idea of kicking them out is like I am the Devil. But they can sure buy weed.
GRRRRRRRRR.... I hope it pans out for you.
Have them BUY you out.
Last edited by Mr. Potatohead; 08/02/20 05:41 PM.
STOP POTATO HATE!
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Re: Irrevocable trust and LLC
[Re: Mr PotatoHead]
#2804406
08/02/20 05:50 PM
08/02/20 05:50 PM
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Joined: Jan 2003
Posts: 10,702 North Dakota
6PakBee
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 10,702
North Dakota
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An irrevocable trust that controls an LLC? I am curious, why was this approach taken initially? What is included in the LLC? At first glance this approach seems to preempt the LLC from making any business decisions that involve the LLC. When my brother and I faced a similar situation, both he and I formed LLC's and jointly owned the property.
"We live in a time when intelligent people are being silenced so that stupid people won't be offended".
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