Limited Liability Companies and your Estate Plan
Come in for a free consultation on whether a Limited Liability Company is right for your estate plan. Call (808) 944-1554 to make an appointment.
What is an LLC and what does it do?
An LLC (Limited Liability Company) is a legal entity owned by its members. LLC owners / members are generally protected from personal liability. Protection from personal liability means protection for your personal property like your home, car, and bank accounts from third party lawsuits and creditors. However, LLC owners / members can still manage the LLC and its property however they like, meaning you can still buy, sell, and use the property in the LLC. For taxes, LLC owners / members can choose to report the LLC’s gains and losses on either their personal tax return or as a business entity, once properly set up.
Why would I want an LLC and how can it affect my estate planning?
LLCs are a great tools for helping you control and protect assets during your lifetime and reduce taxes. LLCs can be used for shifting income or changing title, meaning LLCs can help you distribute inheritances to your children or whomever you name while reducing other forms of estate and gift taxes. LLCs can also be used for valuation discounts, which may further reduce estate and gift taxes. Each client’s estate plan is unique and Mr. Young will gladly review your situation and needs, and recommend LLCs if they are right for you.
How long does it take to set up an LLC?
The entire process from planning it to having accounts ready may take a couple of weeks. Once it’s been decided that an LLC is right for you and you wish to proceed, the proper documents including the Articles of Organization and Operating Agreement as well as all other estate planning documents will be prepared in approximately a week and a half. Once the documents are signed by you, we can apply for its creation and EIN number within a few days of signing. Once the name has been approved and an EIN number been assigned, you can take the documents to your bank of choice and set up accounts for the LLC.
Services we Provide for Limited Liability Companies
- Consultation and Recommendation
- LLC Name availability and check with local Hawaii businesses / verification
- Custom Articles of Organization
- File the Articles of Organization
- Pay the DCCA filing fee
- Receive confirmation of filing
- Send filed LLC to client via email
- Apply for Employee Identification Number (EIN)
- Custom Operating Agreement
- Resolution to Open bank accounts