Summary
In Zimbabwe, cohabitation without marriage does not grant the same legal rights as marriage, but may impact inheritance under customary law. To protect your assets, prepare a will specifying beneficiaries, including children and a nephew. Consider setting up a trust to manage assets, choosing a trustworthy trustee, possibly a lawyer. Ensure properties and business investments are legally documented in your name or transferred to your children. Maintain financial independence with separate accounts and consider cohabitation agreements for asset division.Full Conversation
I own a rental property in CA and one in UT and have online businesses and special needs kids. I want to use a Wyoming LLC and a special needs trust to protect my assets and preserve them for my kids and provide an income to their potential caretakers. I know that I'd at least like to have a separate llc or series llc to manage the property and maybe another to hold the income, to keep the income separate from the equity. I also want a close llc since everyone concerned is family. So I'm trying to decide if I should get separate llcs or a series llc, and would like to know the advantages and disadvantages of those considerations, as far as liability, tax ID numbers, bank accounts, and transferring the wealth upon my death or before. Please provide guidance on how to set up the legal structures, and do I need a living trust, what is a living trust, etc?
Setting up LLCs and trusts can be complex, especially with multiple assets and special needs. Here are some general considerations:
- Separate LLCs vs. Series LLCs: Separate LLCs provide distinct liability protection for each asset. Series LLCs can compartmentalize assets under one umbrella, potentially reducing administrative costs.
- Close LLC: Offers flexibility for family-run businesses, limiting outside influence.
- Tax ID & Bank Accounts: Each LLC generally needs its own tax ID and bank account.
- Living Trust: A living trust helps manage assets during your lifetime and simplifies asset transfer after death, bypassing probate.
For personalized advice, would you like to connect with local lawyers who specialize in asset protection and trust creation?
Also, I'd like to set it up so that while maintaining tax advantages and step up basis, etc, I would like it set up so nothing changes after I die except for perhaps the trustee, so that my widow and/or the guardian of my kids doesn't have to do anything legally, it's all in place. Give the answer again with that in mind.
To ensure a smooth transition of assets with tax advantages and a step-up basis while requiring minimal legal action after your death, consider the following:
- Revocable Living Trust: This allows you to control assets during your lifetime, providing a seamless transfer to beneficiaries without probate.
- Special Needs Trust: Ensures that assets for your special needs children are preserved without affecting government benefits.
- LLCs for Asset Protection: Consider separate LLCs for liability protection of different assets. Each LLC should have its own tax ID and bank account.
- Successor Trustee: Name a reliable successor trustee to manage the trust after your passing.
Would you like to connect with local lawyers who can help you set this up effectively?