I currently own a small home, i am looking to upgrade to a better one soon. I also own an LLC, currently the LLC has a worth of about $12000 or so. What i would like to do is move the small home into my LLC and rent it out. How complicated of a process is this?
Question #2:
I have an IRA with 2 beneficiaries, my sister and father. In the future, how much of a process is there to either add a beneficiary (my future wife or children) or kick a beneficiary out to add another one.
Can’t answer the first, except that I think you’d need to do a quitclaim deed, and possibly file some tax paperwork. You should probably consult a professional about it. At the very least, a tax accountant experienced in the sort of accounting required when you own an LLP. Possibly a real estate attorney. And of course when the house becomes a rental property, there’s all sort of stuff dealing with depreciation, expenses vs. income, etc.
Second: IRA beneficiary changes are trivial. I could change the beneficiaries on mine in 2 minutes on the Fidelity web page. Depending on who holds yours, you might have to mail in some paperwork. Whatever changes you make, that supersedes all previous designations (e.g. wife + kids on 1/1/2011 takes precedence over wife + father-in-law on 12/31/2010).
Pension plans typically MUST name the spouse as primary beneficiary, unless the spouse consents otherwise. I don’t think the same is true of IRAs but I could be wrong.
Moving the property is done by a quit claim deed. A lawyer should beable to help you best set this up. Basically it is just filling out the deed getting signatures noterised. then recording the deed with the county.
What if you have a mortgage on the property?