Uncategorized Deeds: changing title, adding a property to trust or adding a person

Deeds: changing title, adding a property to trust or adding a person

There are many ways to own real property.  Sometimes a spouse or child needs to be added to a deed, a property needs to be titled into a Trust or the property needs to be titled into an LLC.   Call Kristen and she will help you with any deed title changes.

She will prepare the deed and associated tax forms, email the documents to you to review, print and sign, then you will mail the documents to the county recorder where the property is located with an additional recording fee.

Note:  Its not recommend to gift property to kids during your lifetime, because they would lose the step-up-in basis (forgiveness of capital gains tax) and when they sell the property they will have to pay tax.  Instead, its preferable for the kids to inherit the property, so that they receive the step-up-in basis (upon your death) and no capital gains tax will be due if they sell.

Do you on property in multiple states?  If so property from other states can be titled in your Living Trust.

Interested in adding a beneficiary to your property?  This is called a Transfer on Death Deed and is allowed in Hawaii, California and Nevada.

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