@NotAnExpert wrote:
Is that the case even if the substitute trustee and ultimate beneficiary is the same person as the 99% partner?
Yes, the trust can be a member of an LLC (apparently, the operating agreement was drafted to take the revocable trusts into consideration).
However, prior to your dad's passing, his trust was a grantor trust and, as such, he was treated as the owner of the assets contained within the trust (as grantor). After his passing, the trust technically became the owner of the assets, including the interest in the LLC (since it was presumably held in the name of the grantor trust). As a result, the LLC has a different member (i.e., the irrevocable trust itself).
