Does any one know if, in the LLC Articles you can designate if the remaining member/members can inherit a deceased member's share?
Example: Husband and Wife might take title as joint tenants wros on real estate. If this husband and wife decided to form an LLC for real estate holdings, is there a provision for the surviving member to inherit much the same as a joint tenant.
Or does there need to be another legal document such as a living trust in order to protect the surviving spouse.
I know more a legal/estate question than a tax question. But Snags brought up a point on a S corp a week or two ago, where there was not a provision of how a deceased shareholder's share was passed on or what happened to the s Corp or who inherited the deceased shareholders ownership.
Thanks for input.
Sandy
Example: Husband and Wife might take title as joint tenants wros on real estate. If this husband and wife decided to form an LLC for real estate holdings, is there a provision for the surviving member to inherit much the same as a joint tenant.
Or does there need to be another legal document such as a living trust in order to protect the surviving spouse.
I know more a legal/estate question than a tax question. But Snags brought up a point on a S corp a week or two ago, where there was not a provision of how a deceased shareholder's share was passed on or what happened to the s Corp or who inherited the deceased shareholders ownership.
Thanks for input.
Sandy
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