Blog

What Can We Learn From Dr. Oz?

Dr. Mehment Oz is involved in a legal dispute with his sister, Nazlim Oz, over rental income from two New York City properties owned by their late father.

According to the legal complaint filed by the sister, the Good Doctor stopped her share of the rental profits from the properties, currently held in a limited liability company and managed by Dr. Oz. As we can imagine, this is only the tip of the iceberg and there are other ongoing legal proceedings over the final distribution of their father’s estate both in the US and Turkey, their country of origin. Funnily enough, this is the reason Dr. Oz gave for the stopping of the rental payments to Nazlim. According to Dr. Oz, the family is currently in a disputed probate.

There’s not enough information available for us to know if Dr. Oz is properly (or improperly) withholding payments, but there’s plenty for us to discuss!

So, what can we learn from this family dispute involving real property held in an LLC?

We all know my deference to holding real property in a land trust versus an LLC. I won’t go on and on (as I do) about a land trust today. I will, however, discuss how an LLC and a trust can work together.

Contrary to popular opinion, I don’t hate LLCs, they can be a very useful tool (yearly Sunbiz payments and all lol) and if a property is ALREADY held in the name of an LLC, it’s often a good idea to keep the property in the LLC and leverage the use of a trust.

How, you might ask? Well, we can create (or amend) an operating agreement to show that a minor interest is held by the trustee of the trust. We would have a beneficiary clause in the operating agreement to create a mechanism where at the death of a member(s), their interest will transfer the remaining beneficiary, THE TRUST. This is an easy way to avoid probate and have the LLC ownership flow into the trust at the member(s) death. Nothing needs to be updated in Sunbiz, the LLC operating agreement is a very private document and does not get recorded or filed anywhere. This is the document that controls the LLC and can outline the members’ interests and management.

As always, it’s never a good idea to rely on a blog for legal advice (even my awesome blog) so if you’re curious about your LLC with real property, give us a call or shoot us an email. We can see if this LLC/Trust ownership style makes sense for your unique situation.

To summarize, we actually learn two things from Dr. Oz. We learn that an LLC can work nicely with a trust and that everyone has a unique estate plan based on their unique circumstances.

Call with any questions, we’re here!

If you need more information, our firm is here to help.

Call (954) 832-0885 today to schedule a free initial consultation with our South Florida lawyers.

ESTATE PLANNING CHECKLIST

With over 50 years of combined experience, our probate, estate planning, real estate, elder law and asset protection attorneys provide peace of mind for our clients throughout South Florida.

Schedule a Consultation


1270 SW 26th Ave
Fort Lauderdale, Florida   33312

Phone: 561-832-0885


Directions

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation.
This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.
© 2022 The Law Offices of Odelia Goldberg. All Rights Reserved. Privacy Policy. Web Development by IWD Marketing