Limited Liability Companies

There are more estate planning options available to you than you might think. For example, it’s possible to create a limited liability company (LLC) between you and family members to reduce the amount of estate and gift taxes you’re obligated to pay. An LLC also allows you to provide advances on inheritances when necessary.

Walk-In Wills can help you make sense of the numerous estate planning options at your disposal. Our licensed attorneys are here to answer your questions, whether you have relatively few assets or need help with a massive estate.

What Are Limited Liability Companies?

LLCs are a business entity that safeguards owners from personal liability. With a sole proprietorship, a person may be on the hook for any debts the business incurs. With LLCs, the business is a separate entity, which means that an associate or client can pursue the owner legally if a loss occurs.

In terms of taxes, LLCs are treated differently from corporations. The individual owner pays taxes on the business via their personal tax return. However, the option is there to be taxed like a corporation, even though you own an LLC. In this case, the business would be beholden to specific laws and regulations. Formal documents must be filed to establish your business as an LLC.

How Can They Help With Estate Planning?

Along with being a business entity, you can also establish an LLC for estate planning purposes. Many people with larger estate do so to prevent massive estate taxes from being levied. A family LLC also allows you to provide gifts to your children during the course of your lifetime without incurring gift taxes, which can become quite expensive over time.

Much like a business, parents hold control over the management portion of LLCs, while heirs are considered shareholders. Once the LLC is established, assets can then be transferred over. Because heirs can’t manage any of the assets, their privy to lower taxes on assets distributed to them. A number of assets can be transferred into a family LLC, including stocks, homes, vehicles, and money from personal bank accounts.

Frequently Asked Questions

1. What does Walk-In Wills do when helping someone set up a limited company?

Walk-In Wills assists you through forming a limited company by preparing and filing the required legal documents, explaining your options based on your goals, and making sure everything complies with local business laws. Their lawyers work with you to choose the right structure and handle the setup so you don’t have to guess what’s required.

2. Why should I work with Walk-In Wills instead of trying to form a company on my own?

Forming a business can involve complex decisions about ownership, liability, and tax implications. With Walk-In Wills, you get experienced guidance so your limited company is structured correctly from the start. That reduces headaches later and makes sure your business foundation supports your long-term plans.

3. Can Walk-In Wills help me understand how a limited company fits into my overall plan?

Yes. Beyond just forming the company, the attorneys at Walk-In Wills can explain how owning a limited company works with your estate planning, personal asset protection, and business goals — helping you see the full picture and make informed choices.

4. How much does it cost to set up a limited company with Walk-In Wills?

The cost of forming a limited company varies based on the business structure you choose and filing requirements. Walk-In Wills provides clear pricing information during your consultation so you can budget appropriately for your business formation needs.

5. Where can I find a business formation attorney near me?

Walk-In Wills helps clients form limited companies and integrate business structures into their estate plans. Contact them to schedule a consultation and discuss how a limited company can protect your assets and support your long-term goals.

Is an LLC Right for You?

We’ll help you decide where your family should establish an LLC to disperse assets to heirs. Walk-In Wills can also help with other estate planning matters, including the creation of wills and trusts.