DEED PREPARATION ATTORNEYS IN WEST CHESTER, PA
We get a lot of questions from people who want to know if they should add a child or a spouse onto their existing deed. We talk to a lot of real estate investors who are thinking of transferring an income property into an LLC for asset protection. We also hear a lot from folks wondering if they should transfer their home into a Trust for estate planning or to avoid probate. And in each case, our initial answer is, ”It depends.” Every situation is unique, so it’s always a good idea to discuss the pros and cons of changing your deed with an attorney before you move forward.
There are a number of things to consider before you transfer a property by deed or add someone to your existing deed. For example, you will want to consider the legal and tax consequences of the change in ownership:
Will there be realty transfer tax due on the transfer?
Will putting someone else on your deed open your property up to the creditors and debts of the new owner?
Will you be able to sell or refinance your property if you need to down the road?
What if the property is later sold – will there be capital gains taxes due, and if so, who will have to pay them?
Will the transfer impact your ability to qualify for Medicaid if you need long-term care?
At Peak Legal Group, we deal with these issues every day. So if you’re thinking of transferring your property to an LLC or Trust, or if you’re considering adding someone to an existing deed, give us a call so we can discuss the pros and cons before you act.
If after discussing the pros and cons you decide a new deed is the way to go, we can make that happen quickly and efficiently. Our deed preparation services include searching for the prior deed if you don’t’ have a copy, confirming the correct parties and legal description to include in the new deed, calculating the transfer taxes to be paid if any, preparing the deed for signing and then recording the signed deed.
Give us a call today with your deed-related questions.