What protects my real estate better quit claiming the property into a trust account or an LLC?
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What protects my real estate better quit claiming the property into a trust account or an LLC?
Divorced and just bought a home. My name is still on my ex-husband’s mortgage for my previous home. The deed is only in his name but the mortgage is in both. How do I protect my real estate from being attached if he is foreclosed on?
Asked on December 9, 2011 under Real Estate Law, Connecticut
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Under the dissolution agreement that presumably you have with your former husband where you are to receive title to the property that you are living in, from a cost benefit analysis, it would be best for you to have a trust created (if not already done) and have legal title to the property you are writing about quitclaimed into it by him.
If you create a limited liabilty company, your yearly fees for it will be around $800 or so per year payable to your state's secretary of state. I suggest that you consult with a real estate attorney experienced in Wills and trusts to further assist you with your question and how to proceed.
The key is that you have to keep the monthly debt load on the property current to prevent a foreclosure of it regardless if title is in your trust's name of not.
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