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maletizia · Joined: 22 Oct 2009 Posts: 1 1.40 Dollars($)

My 3 children and spouses and my husband and I purchased a rental home about 5 years ago....to make things easy for my children, we took the loan out in my husband and my name. The deed is in my husband and my name, but the checking account is in all our names and all 8 of us (LLC) have declared expenses and income from the property on our tax returns. I have recently thought that there may be a problem if my husband or I die. First of all, we have a trust, but this property is not in the name of the trust. Should we quitclaim the deed into the 3 children and spouses plus the family trust? or should we transfer the deed to the LLC. Being that the real estate market has dumped, there is no equity in the place. Should I get an appraisal to prove that so there is no tax implication for the children?....this is not a gift.. I am trying to prevent this from looking like a gift when we die.

Niicss · Posted: Fri Oct 23, 2009 2:01 am Post subject:

You can sign a quitclaim deed and transfer the property to your children and their spouses. You may also add a life estate clause in the deed which will give you and your spouse the rights to stay in the property until death. As far as the taxes are concerned, you will have to contact a tax adviser and he would let you know whether or not you will have to pay any taxes.

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Quitclaim deed