Real Estate Planning
Is it best to put home in a trust or do a quit claim deed?
Terry Says
That depends on your entire financial situation. A Revocable Living Trust will allow your designated successor to act if you are alive, but unable to act on your own.
A quitclaim deed transfers title to the property immediately. You might not want to do that. AND, if there is a huge gain in value on the property, you might wind up paying capital gains taxes, while if it passes after death there would be no estate tax.
Please do see an estate planning attorney. Watch this video for details on a Revocable Living Trust and how to find an attorney:
https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
