Ask Terry Questions putting property in trust

putting property in trust

By Terry Savage on May 27, 2024 | Financial Planning / Retirement

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:

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 (




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