Michael H. Karu, CPA/CFF, Senior Member, Levine, Jacobs & Company, LLC., was highlighted on NJMoneyHelp.com where he answered the question: “I have three rental properties on our names. Should I make an LLC or corporation or leave it in our names? What’s the pros and cons regarding the safety of my assets, taxes, and easily transfer to my kids?”
“The biggest reason to use a corporation or an LLC is liability protection. We prefer using an LLC since profits may be disproportionately distributed and the annual cost is lower.” Karu stated.
Karu emphasized that with an estate plan, there is an ability to gift percentage interests of the corporation or LLC.
He elaborated further, “Assuming you want to gift 30% of the real property to a child, it is far easier to gift a percentage interest in an LLC than the real property,” he said.”
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To speak with and/or set up an interview with Michael Karu, please contact Amy Delman, Amy Delman Public Relations, LLC, 201.563.4614, or amydelmanpr ( @ ) verizon dot net dot
Michael H. Karu, CPA/CFF, is a member of Levine, Jacobs & Company, LLC, a Livingston-based accounting and consulting firm. He is qualified by the Superior Court of New Jersey, Family Part, as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses. Additionally, he is a Certified Divorce Mediator and is Certified in Financial Forensics.
Karu received his B.S. degree in Business Administration from The Ohio State University and holds professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section, as well as the NJ State Society of CPAs. Karu is a published author of numerous articles seen in trade and consumer publications and has been a guest on radio and television shows.
Levine, Jacobs & Company, L.L.C. maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. The firm prides itself on its teamwork abilities where “every account receives the talent and expertise of the whole firm.”