Single Member LLC & Charitable Trust

Single Member LLC & Charitable Trust

Forum topic posted in Forum on 4 December 2009| comments
audience: | last updated: 4 December 2009
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Joined: 12/04/2009
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Hi, In theory, if I have an LLC that is taxed as a C Corp and would like to create a charitable trust to give my interest in the LLC to a charity, what would I need to do? How would I deal with the IRS's requirement that 5% of the charitable trust's assets be distributed each year if all the charitable trust has is an interest that won't be sold until many years later and may not have any dividends distributed meanwhile? Also, can the LLC be converted into a C Corporation while the charitable trust has in its possession the interest in the LLC? Or should I wait for the LLC to be converted into a C Corp before I give the charitable trust the stocks of the C Corp (which it won't sell until many years later)?

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