My husband owns a few properties and we are thinking of putting my name on title. Do we do that with a quit claim or and interspousal grant deed? If we do quit claim does that mean he gives up title on the house? Thanks
Quit claim will work
He can quit claim from himself as a sole owner to the both of you as joint tenants with right of survivorship.
There is an alternate approach. Form a family LLC with you and your spouse as the sole members. Now, when your husband deeds the property to the LLC, you both become joint owners. This approach gives you more asset protection than owning in your own name.
Dave T,
Could this be done to direct property to an S Corp as well with spouse and myself as partners? Would mortgage company need to be informed? We have a conventional mortgage (sorry if I am talking apples and oranges- I am confused.)
I was wondering about moving it to an S Corp for the added protection.
An S-corp is not the best entity to hold rental property. LLC provides superior asset protection over the S-corp. Mark Wagner explains the difference in several of his posts in this forum.
Thanks for the info. I haven’t been online for a while so, I will research it.