Benefits of Using a Revocable Living Trust to Hold Title
One of the best ways to own property is with a Revocable Living Trust. Here is why:
- A properly drafted and funded trust will avoid time consuming, expensive and public probate upon the first and second death.
- A revocable living trust will make sure that the right people receive the property after the death of both owners and that it doesn’t go to creditors, predators, or future spouses.
- Property received by the heirs can be sold free of capital gain tax and can be protected from creditors and predators of their heirs.
- Property owners can avoid paying capital gains tax at the first death if the trust is set up properly.
The other common ways to hold title are Joint Tenancy, Community Property, and Community Property with the Right of Survivorship. Message me if you want to better understand the pros/cons of holding your property this way. Always happy to get you in touch with my trust attorney if you have specific questions!
Featured Listing of the Week
Check out this one of a kind mid-century modern home designed by San Diego Master Architect and Frank Lloyd Wright apprentice Frederick Liebhardt, resting on 3.18 sprawling acres of rolling grass hills and 100 year old trees in the peaceful Montecillo neighborhood. Designed for Charles Dupont in 1961 and lovingly enjoyed and maintained by the current owners for the past 58 years, this home is a masterclass in mid-century design and has all of its original features; dramatic walls of glass, geometric and angled rooflines, large wood burning fireplaces, high ceilings, clerestory windows and sliding glass doors all designed to bring the outside in.
A primarily single level 6 bedroom main residence with a detached pool/tennis house with full kitchen, fireplace, dual bathrooms and a vintage dry-sauna that overlooks the tennis court with vine covered walls and long views to the mountains and beyond. Photographed in the 60s by legendary architectural photographer Julius Shulman, this home is rich in history and is an extraordinary example of grand living in a bygone era that has stood the test of time. I LOVE IT!
In the News
I knew it! San Diego is ranked one of the Top 10 Friendliest Cities in America! Where San Diegans shine compared to other cities:
- Offering to take a stranger’s picture for them
- Caring about other people’s pets
- Offering people directions
- Providing recommendations
- Giving up their seats in public places
Want to know what other cities ranked high? Check the list…I have to admit, Texas is looking very friendly!
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