Want to transfer real estate to my LLC.

mdean63 · Joined: 23 Aug 2009 Posts: 2 1.88 Dollars($)

Hi,

I would like to transfer my primary residence to my llc which I am the owner of as well for estate planning purposes and asset protection. Will this cause a problem and can I still pay the property taxes in my name and keep the home owner's insurance in my name as well?

raymond · Posted: Sat Nov 14, 2009 9:08 am Post subject:

Everything will have to be in the name of your LLC, because the LLC holds Title to the property.

>>which I am the owner of

I own my home too, and I have a first and second mortgage. Do you mean the home is paid for? Or does a mortgage exist?

If you currently have a mortgage on the property, it will become due and payable. Mortgages are residential loans and an LLC is commercial, and the two aren't compatible.

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