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To: Jayster

A business entity like an LLC is perpetual, and you just change out the management of it. This change of management can be written into the articles of incorporation.

So, the parents manage the LLC which owns the property,
then upon death, management passes on to the inheritors.
It’s not that hard to set it up, but I’m sure if too many start doing it, depriving the gov’t of its “due”, they’ll find a way to keep the common folk from doing it.


26 posted on 11/21/2012 10:53:25 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: MrB
A business entity like an LLC is perpetual, and you just change out the management of it. This change of management can be written into the articles of incorporation.

Yes, but somebody has to "own" the business entity or LLC. Since the parent most likely has full ownership of the business, that is an asset passed down to the children and is subject to the death tax. It would also be considered an "asset" in a personal bankruptcy that could be liquidated by the court.
33 posted on 11/21/2012 11:24:42 AM PST by nonamer
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