Very informative video! A question about succession, where I would be leaving a business to my children. If I set up an LLC and buy commercial real estate, where my wife and I are the members of the LLC, and once the children are adults, can I make them members of the LLC, and in my golden years, step down from the LLC, leaving the kids as the members of the business. Does that avoid probate, gift taxes, estate taxes, etc. My teenage son already does a lot of the heavy maintenance work, and I would hate for them to have to pay after I pass. Also, I am probably going to 1031 exchange a property for a bigger one in a year. How would that affect the kids after my death. Thanks in advance.
Very informative video! A question about succession, where I would be leaving a business to my children. If I set up an LLC and buy commercial real estate, where my wife and I are the members of the LLC, and once the children are adults, can I make them members of the LLC, and in my golden years, step down from the LLC, leaving the kids as the members of the business. Does that avoid probate, gift taxes, estate taxes, etc. My teenage son already does a lot of the heavy maintenance work, and I would hate for them to have to pay after I pass. Also, I am probably going to 1031 exchange a property for a bigger one in a year. How would that affect the kids after my death. Thanks in advance.