There are many ways you can plan for your future, and your Michigan family LLC lawyer can help. At Gudeman & Associates, P.C., our team has over 100 years of collective experience helping our clients with all manners of estate planning and asset protection. From wills and trusts to family LLCs, we’ve done it all – and now, we’re ready to help you.
But why should you consider a family LLC, and what benefits does this offer? Family LLCs aren’t for everyone, so it’s important to get as informed as possible before you dive right in. Let’s take a look at your options, and see how the right lawyer can make all the difference.
What Is A Family LLC?
While most people think of limited liability companies (LLCs) as businesses, they can actually serve as a valuable tool in estate planning. When a company forms as an LLC, they’re protecting their assets from creditors (and also lawsuits). If your company owes any debts, the money would come from the LLC, rather than your own finances.
A family LLC offers the same protections. When you form a family LLC, you’re protecting your assets from creditors. But one of the more important benefits of a family LLC is easing the transfer of assets from one generation to the next.
In a family LLC, your children, and even your children’s children can be included. (Anyone in a family LLC must be related by blood, adoption, or marriage.) One family member – most likely yourself – will be the managing member, and will be responsible for decision-making and day-to-day activities of the LLC.
Other members of your family LLC may be able to make limited decisions, but as in any business, your family LLC’s operating agreement can restrict the input others can make. In any case, establishing a family LLC is a solid method if you’d like to protect your assets after your death, and it does make life a lot easier for your loved ones when it’s time to divide assets between family members.
Why Should I Start A Family LLC?
A family LLC isn’t for everyone. It can be costly to establish, and like any business, it can take a lot of effort to manage it – plus legal input to make sure everything is prepared as it should be. For some people, it may be easier to just establish a will or a trust. But if you have enough assets and you’re trying to make life easier for your loved ones after your death, a family LLC is the way to go.
Fortunately, with the right Michigan family LLC lawyer, establishing a family LLC in the first place can be relatively painless – and the management can be simple, too. Your legal team can walk you through the process, and the regular day-to-day.
Contact Gudeman & Associates, P.C. Today
At Gudeman & Associates, P.C., our team has helped thousands of clients with their estate planning and business needs. If you’re ready to start a family LLC, or you just need more information about your next steps, contact us today. Reach out to Gudeman & Associates, P.C., and see how a Michigan family LLC lawyer from our office can help.
