We are pleased to offer you a forum in which you can ask an attorney a question as it relates to corporate strategies, asset protection, privacy and tax-saving issues. Your question must be general. Those of a detailed or specific nature will be advised to obtain an attorney consultation.
Is there any tax consequences when I transfer my ownership in (single member LLC) to my child ? What about in the event of death, how will the ownership get transfer ? Should I have a will for this purpose ?
It depends upon how much your LLC is worth. There could be a tax consequence or you could structure the transfer to fall under gifting exemptions. If your LLC has value you will want to discuss the best way to gift it with your accountant. Ownership will pass by statute if you do not have a will. There are ways to pass LLC interest without a will (and thus avoiding costly and timely probate) but you will want to speak to an attorney about the best way to accomplish this given the specifics of your situation.
