Does anyone suggest putting an LLC company into a trust?

[amforestry]

I've been using Square for almost 2 years, and it just suggested I use seller community.

[JK_Fiber_Art]

Hi Amforestry,

Interesting question - I was also curious so I did a few searches and you may to do the same on your exact question - there are pros and cons however, you should get professional legal advice as doing so should be the right decision for your particular situation - that's something that's beyond the scope of this community.

[amforestry]

Thank you, I sent off an email to my accountant. We shall go from there. I am just trying to protect all assets. 

[JK_Fiber_Art]

Probably a good idea for sure - we all have different requirements and what works for us may not work for someone else.  We have always turned to the professionals for business advice - yep, it does cost more but, we like to sleep at night 🙂.

[Candlestore]

@amforestry ;

When asking your accountant, ask if it is LEAGAL.

The reason I mention this is because about 10 yrs ago or more a budy of mine wanted to put everything he owned in trusts.  This way the Trust had a Representitive and he would be that.  When he would pass away everything would still be in the Trusts name, so no change of Ownership.  Just a change of who was in charge of the Trust.  A lawyer told my buddy that, it can be done but its not moral.  My buddy asked the laywer if it was leagal, which the lawyer replied yes.  My buddy said then we are doing it since that is the way the Kennedys have so much property and do not give it away in inheritance taxes.  

Also depending on your accountant, they may not know all the laws for some unusaual situations like doing a trust over normal Oner Operator, Joint Businesses, LLC or S-Corp naming and regulations.

My advice is do your own research, go in armed to ask questions about different things.  There are so many tax laws and regulations that most accountants do not know each one.  This is why the rich have many accountants for different areas an specialties.  

Like me, I asked my accountant if I could pay myself a yearly bonus so I can pay taxes at an individuals rate and not the corporate rate.  He said well that is not moral, so again I asked is it legal?  He said yes it is leagal.  So my corporation makes $0.00 but me as the owner gets a Bonus at the end of the year to keep my taxes lower.