Family LLC in Estate Planning: Houston Attorney Whitney L. Thompson Explains Benefits

Whitney L. Thompson, a Houston estate planning attorney, has recently released a new article discussing the importance of a family LLC in estate planning. In the article, Thompson explains how a Family LLC can be a powerful tool for transferring assets to family members while minimizing gift or estate taxes.

Thompson highlights the structural differences between a partnership and a corporation when it comes to limited liability companies (LLC). She emphasizes that an LLC can provide protection from personal liability in the event of lawsuits, debt, or other claims, helping to safeguard personal assets such as homes, bank accounts, and vehicles.

One key benefit of a Family LLC, according to Thompson, is the ability to lower estate taxes for estates valued over $12.06 million in 2022. By utilizing an LLC in estate planning, individuals can transfer assets to children, grandchildren, and other family members at discounted rates, while also reducing the tax burden for themselves and their loved ones.

In the article, Thompson explains that a Family LLC is typically managed by the parents, with children or grandchildren holding shares in the LLC’s assets without management or voting rights. This structure allows parents to distribute, buy, sell, or trade the LLC’s assets while imposing restrictions on other members regarding the sale of shares or membership transfer.

Thompson also stresses the importance of working with a skilled probate attorney when dealing with estate planning matters. By seeking guidance from an experienced estate attorney, individuals can better understand their rights and prepare for the future of their loved ones.

The Law Office of Whitney L. Thompson, PLLC, where Thompson practices, offers a range of legal services including family law, guardianship, probate, and estate planning. To schedule a consultation with Attorney Thompson, individuals can contact the office at (281) 214-0173.

For more information about The Law Office of Whitney L. Thompson, PLLC, individuals can visit their website or contact them directly at the provided contact information.