Holding Title to Real Estate
Real estate is amongst the most valuable asset a person owns, and yet the important matter of how to hold title is often overlooked. Whether you just purchased a new property, or have owned your home for years, how you took ownership will determine the future rights of that property. If you haven't actually purchased a property, now is the time to do some research, and make the right decision.
What Rights of the Property are Affected?
Transferability of title, real property taxes, income taxes, inheritance and gift taxes, as well as exposure to creditors' claims are all impacted by how the property is owned. In addition, how title is vested may have significant, and costly, probate implications in the event of death.
Who Should I Talk To?
When you consider the numerous ways in which a person can hold title, it's no surprise people get confused, but that doesn't mean it should be ignored. While the professionals involved in a real estate transaction know the various options and can discuss them with you, we cannot provide advice in this area. New buyers, and current homeowners may want to consult with a CPA and/or Trust Attorney to decide the most advantageous form of ownership for their personal circumstances.
Need Help?
If you need help connecting with the right people, give me a call or text on 626.773.6789. Let's talk and let's make this easy for you.
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