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Family LLC
Posted on 1/6/15 at 6:21 am
Posted on 1/6/15 at 6:21 am
What is the typical cost for a law firm to set up a family LLC? There are 28 members and eleven powers of attorney in place to date.
4
Posted on 1/6/15 at 7:09 am to CharleyLake
to deal with 28 people and signatures and 11 POA's, I'd charge you $30K so you'd go away and I wouldn't have to mess with it.
why do you need a family LLC?
why do you need a family LLC?
Posted on 1/6/15 at 9:08 am to CharleyLake
Why are there POAs? Are some of the family members unable to handle their own affairs?
Any minors? Any trusts?
Why are you doing this?
Drawing up the operating agreement shouldn't be too expensive. If the attorney needs to meet seperately with 28 people, that could add up.
Any minors? Any trusts?
Why are you doing this?
Drawing up the operating agreement shouldn't be too expensive. If the attorney needs to meet seperately with 28 people, that could add up.
Posted on 1/6/15 at 10:24 am to LSUFanHouston
quote:
What is the typical cost for a law firm to set up a family LLC? There are 28 members and eleven powers of attorney in place to date
Someones family is taking over the world.
Posted on 1/6/15 at 12:20 pm to CharleyLake
If you have to worry about the cost to set up a Family LLC, then you probably don't need one. Family LLC's are typically used for estate planning purposes, and they can save millions in estate and gift taxes, not to mention the value of preventing disputes over how estates are divided.
Posted on 1/6/15 at 12:22 pm to Poodlebrain
Maybe they have a historic gravel parking lot?
Posted on 1/6/15 at 12:24 pm to southernelite
quote:
Maybe they have a historic gravel parking lot?
Was the first thing that went through my head when I read this earlier
Posted on 1/6/15 at 12:41 pm to Teddy Ruxpin
quote:
Was the first thing that went through my head when I read this earlier
Same
Posted on 1/6/15 at 2:23 pm to CharleyLake
Sounds like you may need a referee instead of an attorney.
Posted on 1/6/15 at 2:39 pm to LSUFanHouston
Grandparent's properties that were inherited.
Held in division. I own 1/12th.
It is easier for the subgroups to have a POA as less signatures are required. I have a POA for and elderly lady in California who does not use email. One cousin lives in Switzerland.
Four trusts among the 28 owners.
Owners from Maryland to California and most of my first cousin's children and grandchildren have never been to Calcasieu Parish and do not know how to peel a crawfish. It has been difficult to get all of the signatures for listing agreements,property sales,and pipeline ROW agreements.
I no longer wish to be the family spokesperson.
Held in division. I own 1/12th.
It is easier for the subgroups to have a POA as less signatures are required. I have a POA for and elderly lady in California who does not use email. One cousin lives in Switzerland.
Four trusts among the 28 owners.
Owners from Maryland to California and most of my first cousin's children and grandchildren have never been to Calcasieu Parish and do not know how to peel a crawfish. It has been difficult to get all of the signatures for listing agreements,property sales,and pipeline ROW agreements.
I no longer wish to be the family spokesperson.
Posted on 1/6/15 at 3:02 pm to CharleyLake
Are all twenty-something parties willing and ready to contribute their interests to an LLC? Do some of them want out? Are y'all intending to hold the properties for the long term?
How many properties are we talking about here?
There are definitely costs, benefits, etc of doing this. Like Poodlebrain said... there is some really good estate planning reasons to do this... and maybe this should have been done long ago.
How many properties are we talking about here?
There are definitely costs, benefits, etc of doing this. Like Poodlebrain said... there is some really good estate planning reasons to do this... and maybe this should have been done long ago.
Posted on 1/6/15 at 3:23 pm to LSUFanHouston
Twenty-six will contribute.
Two want out and want to sell their undivided interest in at least one parcel ASAP.
Five properties remaining. (Two pastures were sold in 2014). Two of the five have pending sales awaiting a few curative items.
I agree that this should have been done long ago and it was dumped on me two years ago. I am weary of this already.
So about what would it cost to set up the LLC?
Two want out and want to sell their undivided interest in at least one parcel ASAP.
Five properties remaining. (Two pastures were sold in 2014). Two of the five have pending sales awaiting a few curative items.
I agree that this should have been done long ago and it was dumped on me two years ago. I am weary of this already.
So about what would it cost to set up the LLC?
Posted on 1/6/15 at 3:38 pm to CharleyLake
I don't know if there are any attorneys on here who can give a price estimate.
So you have five properties, two are pending sales.
What's the plan for the other 3? Are you trying to sell them also?
Family LLCs are good if you have a long-term strategy. Otherwise, it's not worth the cost of compliance.
If you are simply trying to arrange further sales and wind this all down, could you maybe further consolidate the POAs to just a few people? Does everyone get along?
I know you are trying to find help here... but you really need to sit down with an attorney and a CPA and get some good advice here. Depending on the facts of the situation, this might be a good idea or a waste of time.
So you have five properties, two are pending sales.
What's the plan for the other 3? Are you trying to sell them also?
Family LLCs are good if you have a long-term strategy. Otherwise, it's not worth the cost of compliance.
If you are simply trying to arrange further sales and wind this all down, could you maybe further consolidate the POAs to just a few people? Does everyone get along?
I know you are trying to find help here... but you really need to sit down with an attorney and a CPA and get some good advice here. Depending on the facts of the situation, this might be a good idea or a waste of time.
Posted on 1/6/15 at 4:24 pm to LSUFanHouston
Thank you for the guidance.
We collectively wish to sell the other three properties and keep a narrow strip of land that has pipelines with term renewable income. That little parcel is not good for anything else except maybe a billboard on Interstate 10.
I have tried to consolidate more POA's but some of the cousins have strong personalities and do not get along that well. Some are Longhorns and some are Aggies, one is a Sooner. Sadly two are ungrateful white trash who do not appreciate the income that they have gleaned from inherited properties.
We collectively wish to sell the other three properties and keep a narrow strip of land that has pipelines with term renewable income. That little parcel is not good for anything else except maybe a billboard on Interstate 10.
I have tried to consolidate more POA's but some of the cousins have strong personalities and do not get along that well. Some are Longhorns and some are Aggies, one is a Sooner. Sadly two are ungrateful white trash who do not appreciate the income that they have gleaned from inherited properties.
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