Family LLCs in Oakland County
Oakland County Estate Planning Attorney
A limited liability company, or LLC, provides its owners with pass-through taxation as well as limited liability. A family limited liability company, also called a family LLC or FLLC, is an LLC run by family members and can be created by filing annual reports in addition to articles of organization with the state of Michigan. FLLCs allow family members to use their resources to invest in stocks, certain businesses, real estate, securities and more. They offer a variety of advantages to members, including helping a family grow wealth.
Benefits of Creating a Family LLC
Family LLCs are important estate planning tools that help preserve a family's wealth. Control of assets can be vested in the managers, and successors can be named in the operating agreement. This type of entity provides some asset protection against creditor claims and failed marriages, because no one member solely owns the FLLC. Additionally, it can help you avoid the costly federal gift and estate tax. An operating agreement can also place special demands on the FLLC, including the requirement that disputes must be settled by arbitration rather than litigation. If you intend to leave younger generations with your estate, an FLLC is more flexible than an irrevocable trust and can assist you in instilling your financial values in your children and grandchildren.
Enlist Skilled Legal Guidance in Oakland County, MI
With more than 20 years of experience, The Law Offices of Stuart Lee Sherman, PC is well-equipped to determine if an FLLC will best meet your family's needs. Our Oakland County estate planning lawyer was selected for inclusion in the Michigan Super Lawyers® Edition of 2006 and elected mayor of Birmingham, Michigan.
Contact us to learn more about the benefits of drafting a comprehensive estate plan, and take advantage of our
free case evaluation to learn about the benefits of creating a family LLC.
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