ADDITIONAL INFORMATION:
Looking to set up a nominee trust can a llc be the trustee?
ANSWER BY MARGARET CROSS-BELIVEAU:
Yes, any entity or person may serve as a Trustee of a nominee trust. The problems that are encountered with an entity serving as a trustee occur when the entity is no longer in existence and the property was not deeded out of the nominee trust before the dissolution of the LLC. In order for the property to be deeded out of the trust, a certificate of good standing for the LLC must be filed at the registry of deeds. If the LLC was dissolved, it must then be reinstated with all of the yearly filing fees paid, which at this time is $520/year, before a certificate will be issued.
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Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.
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