An LB is a conduit body to form an elbow. See this 1-1/2 in. LB Conduit Body-R5133667 - The Home DepotWhat are you calling the LB. I have also thought about the conduit bringing in water to the building which is why I have decidied against putting my subpanel right at the exit of conduit. Could you expand more on the trap or drain you would do before bringing it in the building.
Conduit coming in through the wall can go into an LB and then straight up. I tapped the bottom of the LB to run a small drain tube. If I had known I would have come up with something outside the wall to trap the water and drain it. Maybe a T body (similar to an LB) with a short drop and a perforated cap to release water to the footer.