Taking title to real estate is a crucial decision that affects legal rights, taxes, and how property is transferred upon death. The way you hold title can impact matters such as real property taxes, inheritance taxes, income tax, and transferability. It is essential to understand your options to protect your assets and ensure your estate plan is effective.
One of the most beneficial ways to take title is through a trust. A trust allows you to avoid probate and can be designed to protect both you and your beneficiaries from potential issues such as guardianship, creditors, and predators. When transferring real estate to a trust, you must grant ownership to the trustee. In the case of a living trust, you can serve as the trustee, retaining control over the property. The deed must include the trustee’s name, the full name of the trust, and the date the trust was created.
Navigating title options and trust transfers can be complex, but the attorneys at JEFFREY BURR are here to guide you through every step of the process. With offices in Las Vegas and Henderson, we are available to answer your questions and ensure your title and estate plan are aligned with your goals. Contact us today for a free 30-minute in-office consultation to discuss your real estate and estate planning needs.
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