Limited Liability Companies as Trust Substitutes, Part 2
David Tyler Lewis and Christopher J.C. Jones
52 PROBATE& PROPERTY JANUARY/FEBRUARY 2004 In Part 1, which appeared in the November/December 2003 issue, the authors described the rapid growth and popularity of LLCs and compared LLCs to other entities, including trusts, using an income tax, estate tax, and administrative analysis. Part 2 discusses specific advantages of using an LLC in situations in which planners traditionally use trusts. By way of examplle the authors compare the traditional life insurance trust to an LLC used as a trust...