Who Now Holds Title, LLC Or Me
If I were to put properties I currently own in my personal name into a trust and have my LLC become the beneficiary, who now holds title to the property. Are rent checks still made payable to myself or my LLC? This might be a basic question, but important for accounting purposes. thanks
It can be as simple or complacated as people make it.
The only reason for using trusts I have understood is making the DOS clause in a sub2 not an issue. (other than estate planning or asset protection)
If I understand the facts you've presented. The Trust would be the title holder
They would be made payable to the trust and the trust would be the landlord.
The LLC acting as beneficiary (Trustee?)
If the LLC is the trustee, then "it" (its manager) would handle the business for the trust. Just like a bank/trust company.
If you did mean LLC acting as beneficiary , then whomever the trustee is or hires would do the bookeeping for the Trust.
FYI, do know about where you are, I learned something nasty about LLCs in CA. They pay a minimum tax on operating income. Not good if it holds cash cow properties.
Title doesn't change unless a deed is given to grantee...just because you draft a trust, doesn't mean the title to your RE automatically belongs to the trust.
A DEED is required to convey title & if you want the trust to own it, then it needs to get & record a deed from you.