Want to create interactive content? It’s easy in Genially!
LLC vs Trust
Monica Gragg
Created on May 13, 2023
Start designing with a free template
Discover more than 1500 professional designs like these:
Transcript
Protects assets from personal liabilities and creditors.
Can avoid probate by making specific provisions in the operating agreement,outlining the rules of the business.
Assets are usually exempt from probate, but any assets outside the trust will likely be subject to probate, even if you put them in a will.
Need to pay state’s filing fee. Most states also require filing annual or biennial reports with the Secretary of State that typically require a fee.
Tend to be cheaper to create and most won’t require any ongoing maintenance fees.
Probate
Asset Protection
Only an irrevocable trust (a trust that cannot be modified, amended, or terminated without the permission of the grantor's beneficiary) protects assets from creditors. Once assets become the personal property of beneficiaries, they are at risk.
Trusts
LLC
Public record; personal information could be available to potential litigators and the public
Most are 100% private and don’t usually require filing any public paperwork.
Costs
Privacy
LLC vs. Trust
Select each for key information about LLCs and Trusts