I am an only child. My parents currently do not have a will that I know of. They own their home outright along with a few other properties in Il. They are looking to make everything legal so that their possessions will not get tied up in court. I will have a RE LLC very shortly. I would llike to have this structured to have the property transferred into a land trust controlled by my LLC instead of having it directly transfer to me in the event they pass. How should I recommend they do this?
They should consider a “Living Trust” in conjunction with a will, to avoid the time and expense of probate. Given that may have a significant amount of value in assets, estate tax planning is also appropriate. In either case, this not a “do it yourself” sort of thing. I strongly recommend using a local trust & estate planning expert, because there are LOTS of quirks involved in drafting a living trust & a well-worded will.
John Hyre
Tax Attorney, Accountant, Investor