Some Common Means of Transferring Interest in Property Limited Liability Partnership or Corporation (LLP or LLC)... A popular way of holding property that is quickly making its way across the country is the Limited Liability Partnership (or Corporation). One of the benefits of placing property into a properly formed LLP or LLC is that the owner or owners can be shielded from lawsuits brought against the property or lawsuits that may indirectly affect the individual's interest in the property. Some of the things to discuss with your lawyer if you were to choose this type of holding entity is the cost of forming and transferring the property to the LLP or LLC and any tax advantages or disadvantages.
Life Estate... T here are times when an individual or individuals choose to pass the actual ownership of the property to the intended beneficiary or beneficiaries while still living, but retain the right to live in the property, presumably until they pass away. The Life Estate is not all that common and has its quirks that warrant a thorough discussion with your lawyer.
Introduction Opening Your Place Excerpt Family Fun On the Water and In Your Boat Fish Stories Walking and Hiking Weekend Gardening
Around the Campfire Feeding the Gang Excerpt Decorating Made Simple Rental Considerations Pets, Pests and Other Critters Keeping It in the Family Excerpt
Safety in and Around Your Place Bearing Gifts Closing Time Excerpt Water, Sewer and Heating Resource Lists Worksheets
Some Common Means of Transferring Interest in Property