Title Solutions
Title Solutions – A Complimentary Service
HOW SHOULD YOU HOLD TITLE TO YOUR HOME?
Our Title Solutions Program offers complimentary consultation with an experienced attorney to help you make an informed decision on how best to hold title to your home.
SELECTING HOW TO HOLD TITLE IS AN EXTREMELY IMPORANT DECISION
There are numerous ways in which people can take title to their property.
Some of the most common ways to take title are:
- Trustees of a living trust
- One’s individual name
- Tenants-in-common
- Community property
- Joint tenants
- Community property with right of survivorship
There is no “one size fits all” alternative when selecting how to hold title. What is right for friends and family may not be right for you. Advice from an experienced professional is vital in making this important decision.
POSSIBLE CONSEQUENCES OF HOLDING TITLE IMPROPERLY
Many unexpected and costly results can occur when holding title improperly.
Some examples are:
- A wrong or unintended person could inherit your property
- Your family could lose tens of thousands of dollars through costly, lengthy probate court proceedings
- Your family could incur significant capital gains taxes from a loss of a step up in basis
- Significant estate taxes may be required to be paid if safeguards are not in place
- Expensive court proceedings may be required if an owner becomes incompetent
HOLDING TITLE IN A LIVING TRUST
In most cases, the best way to hold title to your home would be as a Trustee of your own Living Trust. A Living Trust is an agreement between you as the owner of your assets and you as the manager of your assets. A personalized estate plan which includes a living trust will allow you to:
- Properly title your home and other assets
- Appoint trusted guardians for minor children
- Avoid or reduce estate and capital gains taxes in some cases
- Direct who inherits your assets
- Avoid costly probate proceedings
- Appoint a trusted person to legally manage assets for you and your children, if you are unable
TITLE TO INVESTMENT REAL PROPERTY
Often the best way to hold title to investment real property is in a limited liability company. A limited liability company is a legal entity established through the state. Title to real property is placed in the company which is in turn owned by members. To receive the same benefits as outlined above, membership interests in the limited liability company are held in the Living Trust.
ESTATE PLANNING – TITLE SOLUTIONS SERVICES
In addition to providing a complimentary title solutions review, the Law Offices of Rochelle & Griffith, LLP also offers comprehensive estate planning services. Services include the preparation of living trusts, wills, powers of attorney, advanced health care directives and documents to properly title your home in your living trust. We also can establish limited liability companies to hold title to investment real property if appropriate.
SOUNDS GREAT – WHAT DO I DO NOW?
The key is to get started! To do so the first step is to make an appointment with an attorney. Estate plans are too important to be left to paralegals or computer programs. I have found that the hardest part of estate planning is making the appointment. Don’t wait until you have all your paperwork and files organized as you may not need all you think you need to get started. After an hour and a half meeting with an attorney you will understand the process, make selections of who will be involved in your plan, decide who will receive your estate and when, and address important health care questions. Most important, you be on your way to having peace of mind knowing that you have taken care of this important planning task for you and your family. Services for California residents only.