putting property in trust
I have a condo in my name only and would like to add my daughter. Would it be easier to do a quit claim or put the property in trust. I would also like to get the name of the attorney you have that can help with this process. Thanks.
Terry Says
A lot depends on your reason for doing this — and your tax situation. You could make a gift of half your condo to your daughter — but that would leave your property vulnerable to any lawsuits against her, and it wouldn’t give her control over your assets if you were ill or had a stroke and she needed to sell the condo to get cash for your care.
I highly recommend a Revocable Living Trust — and changing the title of the condo to ownership by the trust. Your daughter will be successor trustee.
Watch this video: terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
I don’tknow where you live — but you must have an attorney in your state of residence do this —
In the Chicago area, I always recommend Kerry Peck: Kerry R. Peck, Estate Planning Lawyer Chicago, Probate Litigation Attorney | Peck Ritchey, LLC
And Nationally you can search at the website of the estate planning bar —Find A Lawyer – Lawyer Near Me | Search Attorneys (search-attorneys.com)
