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Ghost Town
In NorthernColorado
LongsPeak 
PioneerClimbers
Outlaws
In EarlyColorado
Skiing
SteamboatSprings
 
Ghost Town
 At KeotaNear Greeley
LadyMoon
ColorfulFort CollinsPioneer
IndianBattles
In EarlyWyoming
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The Senior
September 2008
Local Attractions • Scenic Places • History • Money • Health • News
 
2• September 2008 • The Senior Voice
Using an LLC for Estate Planning
By Ron Rutz, AttorneyLegal Correspondent Q: You have previously writtenabout Limited Liability Companies(LLCs) as an estate planning tech-nique. Would you elaborate?
A: LLCs are rapidly replacingother traditional estate planningorganizations such as corporations,limited partnerships, limited familypartnerships (except in Texas), andcertain kinds of trusts.Some say LLCs were first startedonly a few years ago in Wyomingbut have spread to all of the states. Itis generically a partnership but withcorporate attributes such as limitedliability and sometimes status as aseparate taxable entity.I like to form my LLCs so thatthey more closely resemble a corpo-ration rather than a partnership withunits (shares), members (share-
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holders), unit certificates, officers,annual meetings, etc.An LLC can be used to reduceestate tax exposure. By inserting theproper terms and internal structure,it is possible to reduce assets valueby up to 40%. Thus, $1 millionworth of land or stock would onlyhave taxable value of $600,000 if placed in an LLC.An LLC can also be used to keepownership of an asset together inone entity, although the entity isowned by more than one person.Thus, a vacation cabin inherited byseveral people is often set up in anLLC to provide for future access toa number of people.If several people own mineralrights or production royalties, anLLC is often used. That way oneentity controls the asset even thoughowners may die and pass theirinterest on to others.If an estate has assets like realestate that cannot be divided equally,an LLC can provide a mechanism fordistributing ownership shares of theland. Also, if a beneficiary needs timeto cash others out (like in a farmingsituation), an LLC can be used.Sometimes it is desirable todelay the sale of assets or providebenefits after the settlement of anestate. An LLC can serve as a usefultool to do that.But, as with a corporation, anLLC needs to be crafted to protectthe minority owners. Thus, the LLCOperating Agreement needs toaddress issues such as the durationand the purpose of the LLC, theability of one or more of the ownersto sell before the LLC ends, whocan become an owner in the LLC,the value of interest for liquidationor sale purposes, etc.In conclusion, when two or morebeneficiaries participate in an asset,the LLC format has proven to be aneasy, flexible and inexpensivevehicle to use in planning an estate.________________
 Attorney Ron Rutz will answer ques-tions sent to 2625 Redwing Road,#180, Fort Collins, CO 80526; phone 223-8388; email rutz@ronaldrutz.com
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The Senior Voice • September 2008 • 3
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