Will putting everything in LLC'S protect our estate from probate and greedy kids?

Forgive me, but I'm confused. An LLC is a limited liability corporation, designed for business, not asset shielding. I won't deny that I don't know all the ins and outs of asset shielding, but I'm puzzled how an LLC could hold assets, e.g., a vehicle, noncommercial property, etc. You still have to address succession issues, but of the business, not personal property.

If you want to limit access, see an estate planning attorney and ask about a living trust, which can establish limitations on how inheritance is passed on.

Maybe someone more knowledgeable in LLCs can offer better insight. I'd be curious to know as I'm unfamiliar with this technique.

I missed this:

" And everything we have is in LLC'S to try to a void probate as well as his 2 daughters and son. " So it seems you've already transferred assets to an LLC, although I'm not sure how unless all your holdings are commercial.

So, is this a question after the fact? Are you worried now that you don't have enough protection? Did you transfer the assets with assistance of an attorney, and if so, what did he/she advise?

I am also confused by the LLC as LLC's are very time consuming to have an attorney prepare and to make sure there aren't any other companies with the same name. I would think putting the estate into a Revocable Trust would have been easier and less expensive.

Jamie, I did read your profile telling about yourself, your hubby, and how you met, etc. and other family issues regarding a grandchild, etc. Sounds very complex.

Jamie, quite a history. Whan I read your original post one thing caught my eye. He was only allowed to see family a few times. In your last post you explain he was not able to see them because he had just been released from prison. I don't think I would like wany my excon dad seeing my kids either. Are you sure you know the entire story? Maybe the kids have something against you because of the age difference or something else? It makes me wonder how he has done so well being released from prison at the age of 62 and how he was able to accumulate the wealth that it sounds like he has.

Are you feeding this animosity with his children? Are you sure you know the whole story? Shoot, I just turned 62, was taking care of mom with Alzheimer's for four years and that wiped me out financially. Your hubby could teach me some tricks, I am sure.

Jamie, FF and I both shared similar, legitimate concerns about the efficacy of supposedly retitled assets in the name of an LLC.

I appreciate your response, but family history and animosity doesn't address the basic questions. If you want succinct answers, that kind of response is necessary.

You admit that you're confused. I think it might be more helpful to hire an attorney who can explain everything to you and help you focus on the issues of which you posted rather than the friction in the family, which isn't going to abate.

If you need to find solutions, hire the appropriate counsel so these issues can be addressed.

Jamie, I would contact the Admins on this website to remove your personal postings where you had written about your husband hiding money from the government, and other postings where it would make it easy for someone to identify you and your husband due to names given, etc.

Please note that anything written on this website goes out over the Internet. We would want to see you nor your hubby get into trouble over what you had written.

Have his children not had anything to do with him for 10 years, to be precise, by any chance? I wonder if at bottom this is about your husband's relationship with his children, or their attitude to you.

I'm sure you and your husband have taken professional advice about estate planning, and I doubt if forum members will be able to improve on it.

To avoid probate (and greedy kids). Hold everything in Joint Tenancy, With Right of Survivorship. All bank accounts, all real estate, all corporate holdings (like LLC) all brokerage accounts.

This will avoid probate...since you both already own everything. This will avoid the greedy kids...again, the survivor owns everything already.

Freqflyer and garden artist
I am confused also this is way out beyond anything I am use to . I spent 30 years in a saddle on back of rough stock struggling to make a family life that I desperately wanted my children to have with dreams of close relationship with my kids and seeing spioling lovingbeing loved by kids and grandkids that I never had growing up. I had not plans of even dreamed of this life 10 years ago. When I went in that localfeed store and met Will first time I had smiled or laughed in 2 years. We went out on first date we talked about our pasts and told each other about the worst of ourselves. To my name I had worn out jeans holy old tony lama boot with duct tape around them hat 2 t shirts saddle bridle little dog and old car bought for 25 dollars from dear friend that was soon to passcfrom heath issues. He was driving old farm truck flat be hay hauler. Straw hat with as much character showing on it as the man wearing it. He ran a small clean up business and 7x divorced and played with the federal government spent time in leavenwoth due to mad trading skills savings and loan banking and not sharing with government properly . You they dont like competition without their share.prior to going in he had muti mill. Set up a trust for his wife and 3 children two boy and girl older than me and minor daughter. Plus had managed to set aside some for himself when he got out but not million just few thousand he managed to keep government from finding. That he had in his and sons name in bank to protect from government and his ranch and huge trust was set up 25% for wife oldest boy next oldest girl and apple of his eye was 8. Never imagined that boy would turn on him wife had control of their minor daughtes share of trust and ranch. Thinking he'd protected ranch wife and baby as well as other kids Wife sold ranch for half its value boy teamed with wife sold her his 25% of trustgiving her majority there for able to break trust. Divorced him took baby money and boy cleaned out joint account his dad was planning on for his release. Does that help you any "CHURCHMOUSE" . He got out in 98 broke no place to go went to boys house to see grandson was not allowed in house had to sleep in car.

Sorry did not mean to hit submit ... anyhow he had bought his mom a new house before all this,and new car. He grew up very poor very close to mom not so much to preacher man dad. Only boy with 3 sisters. Pa died and left his grandson Wills son executor to all. 2 years later mom went. He got disgusted watching sisters,and sonfight over bones asked for pic of his mom told them all to go to h*ll not to contact him again they would never see him again and left. Got remarried and divorced again in few months moved to okc no place to live no car no money. Just had old Mormon accountant from years back before who kept his book on his motels and she was not anything more than good friend Cathy. He got job lived in old school bus and had a way with the ladies there for had the reputation for being a player and pretty good one. Cathy used her good creditand they started a business together. I came along shortly there after. I had no intentions of sticking around for long 2x divorce and separated 2yrs from boys sperm donor and major history in bad choices in men. I was beat just spent 14 yrs in relationship where his kids from other wife cussed me out regularly and he stood there and let them not to mention his mother uncles auntsand rest of his family. As well as ex wife but not wanting to be 3 x divorced failure . I took it determind to raise daughter and some in one place one school system where they could make friends and grow up with them. Have roots memories and kept them away from my insane dysfunctional knife throwing fist fights drinking pill popping needle using prison camper family. Hoping to avoid the family tradition and managed to quite well. I am the only one except for my adopted father and niological mother's mother that has never seen the inside of a jail cell or worn a set of hand cuffs. I did not whip my kids daily although looking back maybe I should have.
On our first date Will tried his players game and knowing (ain't my first rodeo)he was not use to being told no. Also next day was the day I had plans to not see the sun go down. I told him No. Poor confused man was not getting laid that night but thanks for the steak dinner. He asked to see me next day but I told him I had plans. He gave me his number said call if plans change. I went to the place had intended with letters written address and loaded gun. Cried for hours talking to God. Put gun under chin but chickened outon pulling triggers. Why because I saw those blue eyes that made me laugh after so long and how he treated me that one night and how it made me feel. I figured maybe it wouldn't hurt to go out with him again. We have been together ever since spent 1 yr together before he asked me to marry him. He told me if I would marry him he would make sure that i never had to depend on another personor break my bones get kicked in the head or worry about how where or if I was going to eat or have a place to sleep again. He had not one time in that year said the words "I love you" to me. Because of how many times I had heard that line and been lied to. I am a firm believer in actions speak louder than words. So for that year I would not let him buy me clothes boots nothing nor would I take money from him. I refused to be obligated or bought. His actionsthe way he treated me then and still does told me how he fee l s about me and vise versa . We never have had any serious fight . And I have watched this man go from renting owning nothing. Build the largest construction clean up company in okc metro area. Make and trade deals from land to live stock vehicle and everything in-between. We worked together and he has fought his way back to being extremely wealthy again. And along the way I have managed to get him back in touch with his sisters. Arranged for him to see both his son and his baby girl again. And watched them try to take advantage of him again . The baby wanted him to sign papers to get her mother out of trouble for taxes,that stemed from her sell of his ranch years ago. With absolutely no regard for the fact that had he signed them he could have gone back to Leavenworth. She used her kids to try to get this done. Broke his heart. His son did the same thing using his boy and the fact that he was his high schools champion rodeo roper to connive him into giving him a jeep that his father had for sale. Which was actually mine from back when. With the promise to pay for it that was 2 yrs ago and yet to see a dime or hear from him again. So having that history he has explained to me that by putting everything into LLC'S it will protectour assets from probate as well as from anyone and every one else who may be of the opinion that they should have it. There by keeping his promise to me from years ago. Now just recently Cathy loved by both he and I passed away she was only 67 October 28th she died. Leaving just he and I and having wanted to be loved like this man loves me for so long. That has just made the realization that his health and age difference between us very very real for me. I would give it all away if it would give me just a little extra time with him. To hold me tell me he lives me to put his socks on for him to trim his toe nails for him to hear his breathing all night to fix his pillsfor him make oatmeal every morning for another 10 yrs. Does anyone understand what I am saying. I love my children I was not perfect mom but I honestly tried my hardest for them. And I do not believe that I deserve to be treated the way they treat me. And I have had both my adopted mother and fatherwalk out on me when they divorced from each other not because I disrespected them Heavens no I was terrified of doing anything like that for fear of being whipped as well as abandond. Which is exactly what they did. Mom told me to.leave and not come back when my son was 4 because I asked her mither not to talk about mexican half breeds infront of my kids the way she had talked about my bio logical mother and adopted father infont of me all my life . She hated himand me said do all the time when mom was not around. I asked her to not do the same to.my kids as both their fathers are mexican. Made mom she told me leave and not come back until I apologize to her mother Shelba McCoy. Yep grand daughter to fueding hatfields and Mccoy. She was mean as a rattle snake. When she died my mother had to admit to me that she did infact hate me. She apologizedfor making me leave that day. However unfortunately I have not seen and will not ever see again in almost 20 years my mother that raised me. As she also has apologized for having hit me way to much as a child. We talk on the phone but her hubby and I have a history. And I want nothing from her nor do I wish her ill . She has alzhiemer and I want to remember her the way she was the last time I saw her. And you can never go back when it ends like that. So I will not go to her funeral either. Same with my fatherbut for different reasons. They wanted nothing todo with me while they were healthy they did not care if my daughter had food clothes heat a roof. They knew she and i lived on the street in Albuquerque in winter after she was born and they both could have helped me a little but refused to. I will notand have not done either of my kids that way. And have made it very clear that they only need to knock on my door should they have no place to live. For as long as I have breath in my bodyand no matter what kind of roof it isover my head I will not turn them away from my doorbut I am not their welcome mat either. My son has told me to go away and right or wrong you only have to say that to mom (me) one time. That is all you get is one time. I am gone. He will have to knock on my door. Not call on phone send text or email or even hand written letter by pony express. If yoe are man enough to cuss me out and tell me to go away. Well then you better be man enough to take what life gives youor man enough to stand in front of me look me in the eyes. Should the day come that you want need or expect mom to save your a**. And as gor my daughter her sperm doner never did anything for her not one time did he pay a bill buy diapers milk or anything else braces tuition car close shoes nodda. Yet he is welcome to live in her house she even moved him into the house i paid for on my land but me. I have to get a motel room when I visit even while they were living free on me. Yes I am mad about this yes I have issues with the way I am treated. I did not intentioally let sons father molest her. Infact when she told me i tried to.kill him. I even tried to throw him in prison but my daughter asked me not to put her baby brothers father in, prison there is 7 years between them ages. So because my husband feels so adamantly about not giving his kids or mine a dime upon his or my or both our passing . I want to respect his wishes and happen to agree with them. So do I have to legally notify our children of either of our deaths if we have made every nessaceray arrangements to take care of our final expenses and have wills inplace to give everything to Our Miss Lieghann upon her 25th birthday.