DuPage County Asset Protection Lawyers
Skilled Attorneys Assisting Clients with Family Limited Liability Companies (LLCs)
At Farooqi & Husain Law Office, we believe in taking measures to protect the assets of our clients. We offer a range of options to handle the varied circumstances business owners and other high net worth individuals face. Wealth must be guarded so that it can benefit present descendants and future generations. Creating a family limited liability company (LLC) with the assistance of a DuPage County estate planning attorney is one way to ensure that your family's financial legacy is secure.
What Is a Family LLC?
A family LLC is a legal entity formed to protect the property or investments of its members. Members must be blood relatives or related through marriage to be eligible. Under its operating agreement, control may be given to specific family members such as parents or each member may have an equal say.
What Are the Benefits of a Family LLC?
A family LLC can be an important component of a comprehensive estate plan offering asset and liability protection and allowing estate tax transfers every year. An effective family LLC will include restrictions on transfer rights and ownership. In general, the following assets may be held by a family LLC:
- Rental properties and real estate holdings (excluding personal residence, which is better handled in a trust);
- Brokerage accounts and investment assets such as stocks, bonds, and mutual funds; and
- All or any portion of a family business or startup.
While having a business is not a prerequisite, a family LLC is a great asset protection strategy for family businesses and closely held family ventures. Another benefit of a family LLC is charging order protection. This helps protect the assets in the LLC from creditors and judgments.
Setting Up a Family LLC in DuPage County
We understand the intricacies of Illinois business and estate planning laws. We will discuss your goals for forming the entity, ensure proper structure, and establish the articles of organization and accompanying operating agreement. Adhering to all applicable laws, our DuPage estate planning lawyers will construct a family LLC that will properly transfer assets and investments into the LLC to benefit shareholders as specified.
There are many factors to consider and we will help you arrive at the best possible setup. You have worked hard to preserve your family's legacy. Let us help you further protect what you have built and what you continue to create.
Experienced Estate Planning Attorneys
If you would like to create a family LLC, we are ready to help you through the process. Please contact our estate planning lawyers by dialing 630-909-9114. We will set up an initial consultation* with you and your loved ones to explain the process. Our firm serves the DuPage County area, including Oak Brook, Oakbrook Terrace, Hinsdale, and Elmhurst.