Best Probate Attorneys in Sunrise, FL

The best way to distribute funds from an LLC will depend on each particular situation. Each situation requires a different approach. Factors, such as the needs and desires of the managing members and non-managing members, must be considered as well as the LLC purpose, the types of assets, and the annual income.

The manager is responsible for investing and managing the LLC assets, deciding whether or not to make distributions and what type of distributions should be made, providing annual income tax information to the members (schedule K-1), filing appropriate documents and statements with the Secretary of State, overseeing transfers of LLC interests, making any necessary amendments to the LLC agreement, and filing income tax returns on behalf of the company. Although the majority of the LLC value may be gifted out, the manager will still largely maintain general control over the LLC assets and management.

By opening a private foundation you will have more control over the assets than with any other giving vehicle. You can also take an immediate tax deduction even if the funds that you gave to the foundation are not being immediately appropriated. Gifts to a private foundation are tax deductible up to 30% of AGI for cash, and 20% of AGI for appreciated securities with a five-year carry forward.