{"id":5567,"date":"2013-08-28T06:48:53","date_gmt":"2013-08-28T13:48:53","guid":{"rendered":"http:\/\/www.keytlaw.com\/azllclaw\/?p=5567"},"modified":"2013-08-28T06:48:53","modified_gmt":"2013-08-28T13:48:53","slug":"confidential-trust","status":"publish","type":"post","link":"https:\/\/www.keytlaw.com\/azllclaw\/2013\/08\/confidential-trust\/","title":{"rendered":"If You Have a Confidential Trust Don&#8217;t Create a Separate Estate Planning Trust"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Question<\/strong>:\u00a0 You created a Confidential Trust for me to own my Arizona LLC and keep my name off the public records of the Arizona Corporation Commission.\u00a0 Recently I signed a new trust that is for estate planning.\u00a0 My new trust includes provisions for the administration of my assets after my death.\u00a0 How does my new trust become the owner of the LLC currently owned by my Confidential Trust?<\/p>\n<p style=\"text-align: justify;\"><strong>Answer<\/strong>:\u00a0 You now have two trusts, each with their own names and creation dates.\u00a0 The problem is that the Confidential Trust owns the LLC, but the Estate Planning Trust should own it.\u00a0 Instead of creating an entirely new estate planning trust you should have kept the same trust name, trustees and trust creation date and just amended and restated the entire trust agreement to contain the language needed for your estate plan.\u00a0 In other words, you should have converted the Confidential Trust to your estate planning trust with the end result that you would have one trust and it would be the owner of the LLC.<\/p>\n<p>Going forward your choices are:<\/p>\n<p style=\"padding-left: 30px; text-align: justify;\">1.\u00a0 Transfer ownership of the LLC from the Confidential Trust to the estate planning trust and allow the Confidential Trust to die.\u00a0 However, if the new estate planning trust has your name in it and you want to continue to keep your name off of the\u00a0Arizona Corporation Commission&#8217;s public records then retain ownership of the LLC in the Confidential Trust and follow the next option.\u00a0 We charge $545 to do this.\u00a0 It includes preparing an Assignment of Membership Interest Agreement, Amendment to the Articles of Organization, resolutions of the member and a new membership certificate.<\/p>\n<p style=\"padding-left: 30px; text-align: justify;\">2.\u00a0 Modify the Confidential Trust to provide that the beneficiary is the trustee(s) of the new estate planning trust.<\/p>\n<p style=\"text-align: justify;\">My recommendation is to do option 1 now because option 2 postpones the need to do option 1 until the creator(s) of the Confidential Trust is\/are deceased.<\/p>\n<p style=\"text-align: justify;\">To learn more about how a Confidential Trust can keep your name off the Arizona Corporation Commission&#8217;s public records read my article called &#8220;<a href=\"http:\/\/www.keytlaw.com\/azllclaw\/forming-llcs\/confidential-llc\/\">How to Form an Arizona LLC without Disclosing Its Ultimate Owner(s)<\/a>.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Question:\u00a0 You created a Confidential Trust for me to own my Arizona LLC and keep my name off the public records of the Arizona Corporation Commission.\u00a0 Recently I signed a new trust that is for estate planning.\u00a0 My new trust includes provisions for the administration of my assets after my death.\u00a0 How does my new trust become the owner of the LLC currently owned by my Confidential Trust? Answer:\u00a0 You now have two trusts, each with their own names and creation dates.\u00a0 The problem is that the Confidential Trust owns the LLC, but the Estate Planning Trust should own it.\u00a0 Instead of creating an entirely new estate planning trust you should have kept the same trust name, trustees and trust creation date and just amended and restated the entire trust agreement to contain the language needed for your estate plan.\u00a0 In other words, you should have converted the Confidential Trust to your estate planning trust with the end result that you would have one trust and it would be the owner of the LLC. Going forward your choices are: 1.\u00a0 Transfer ownership of the LLC from the Confidential Trust to the estate planning trust and allow the Confidential Trust to die.\u00a0 However, if the new estate planning trust has your name in it and you want to continue to keep your name off of the\u00a0Arizona Corporation Commission&#8217;s public records then retain ownership of the LLC in the Confidential Trust and follow the next option.\u00a0 We charge $545 to do this.\u00a0 It includes preparing an Assignment of Membership Interest Agreement, Amendment to the Articles of Organization, resolutions of the member and a new membership certificate. 2.\u00a0 Modify the Confidential Trust to provide that the beneficiary is <a href=\"https:\/\/www.keytlaw.com\/azllclaw\/2013\/08\/confidential-trust\/\"> [&#8230;]<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[8,51,66,37],"tags":[],"class_list":["post-5567","post","type-post","status-publish","format-standard","hentry","category-faqs","category-how-do-i","category-miscellaneous","category-operating-llcs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.8) - 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