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View Poll Results: What owns your house?
Person's name 166 90.22%
LLC or business 3 1.63%
Landtrust 3 1.63%
Other 12 6.52%
Voters: 184. You may not vote on this poll

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Old 08-23-2013, 10:15 AM   #41
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Originally Posted by padlin00 View Post
I've wondered about this, the house is in my wife's and my name but I have to pay rent/taxes to the town each year, if I stop they take the house or some such. So do I really own the house?
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Originally Posted by HawkeyeNFO View Post
So even if your house is paid off, the government can take it from you if you fail/forget to pay for the privilege of living there.
Only sort of. If you just forget, then you can pay the tax and any late payment penalties, just like your mortgage or any other bill that you forget to pay.

If you fail to pay, then the town has a lien on the home and can force it to be sold to satisfy the lien (and any other liens) and then any remainder would be paid to you.

But you either knew or should have known all of this before you bought it so unless you were totally ignorant, why the consternation? It's not like the town putting homes into auction to satisfied unpaid property taxes is a deep, dark secret.
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Old 08-23-2013, 07:12 PM   #42
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I don't know where to mark the poll as my wife's Rev Trust owns the house I reside in.
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Old 08-23-2013, 07:42 PM   #43
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One of the issues is what kind of homestead protection the state you live in provides, if like Tx its the total value of the homestead, then best to have it in your and if married your spouses name. That way if you were to have to declare bankruptcy you could keep your home. One should check how trusts might be treated with respect to bankruptcy.
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Old 09-15-2017, 11:35 PM   #44
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My revocable living trust is technically the owner of both of my houses. I am the sole owner of that trust, so I think of the houses as mine. Neither house has ever had a mortgage since I bought them. (Their total value is not a large part of my estate, say 12%, but they save me paying mortgage interest. In fact, I have no debt at all, paying off my charge cards in full each month. Of course, practically speaking, no house is ever debt free as long as property taxes come due every year.) My husband is the sole beneficiary of the trust.
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Old 09-16-2017, 05:18 AM   #45
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Living trust, not necessarily a landtrust, but that's what I voted.
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Old 09-16-2017, 07:10 AM   #46
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Both main residence and a couple of rental property in DW and my name. We'll likely create a separate entity for the investment properties.
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Old 09-16-2017, 07:24 AM   #47
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Fifth 3rd Bank owns over Two 3rds of our home.

DW and I are mortgagees. We have no plan on paying off a 3.125% interest note (prior to tax deduction).
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Old 09-16-2017, 07:27 AM   #48
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Y'all realize this is a 4 year old thread ..
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Old 09-16-2017, 09:47 AM   #49
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Our attorney just had us change all of our revocable trust assets back into joint with right of survivorship. When the first of us goes everything will be moved into a marital trust for division to our beneficiaries upon the death of the second of us. A pour over will moves things to the trust if we go at the same time and things are not yet in the trust. This set up gives us more asset protection under current law than having everything in the trust. My mind was spinning as she explained all this, but it sounded logical as she explained and we trust her. Not something I often say about attorneys.
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Old 09-16-2017, 10:38 AM   #50
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Currently in DW's and my name, but we are putting it into a revocable trust.
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Old 09-16-2017, 11:16 AM   #51
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Y'all realize this is a 4 year old thread ..
Not until you mentioned it, but it did mean that I got to vote the poll
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Old 09-16-2017, 11:29 AM   #52
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Fifth 3rd Bank owns over Two 3rds of our home. ).


Great word play!!
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Old 09-16-2017, 03:55 PM   #53
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I have my house in an LLC as protection from an ex wife....
She still going after you?
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Old 09-16-2017, 04:27 PM   #54
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For the sake of your poll, do you consider a Revocable Family Trust: 1. Person's name; or 2. Other?
Ooops - Mine is in a revocable trust, but I chose 1. Person Name.....
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Old 09-16-2017, 04:30 PM   #55
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Y'all realize this is a 4 year old thread ..
- no, I had not noticed that..... oh well. My vote stands
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Old 09-16-2017, 05:15 PM   #56
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Spouse's trust. Why not?
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Old 09-17-2017, 09:11 AM   #57
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Revocable living trust.
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Old 09-17-2017, 09:28 AM   #58
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Y'all realize this is a 4 year old thread ..
That would certainly explain so many user names that I wasn't familiar with. I initially saw that some were "tenured" members but had few posts...I just assumed that they finally had something to say after all these years!

At any rate, the house is deeded to DW and me.
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Old 09-17-2017, 09:46 AM   #59
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Are there any downsides to having your home titled in a revocable living trust? And for those that do, did you set up a separate trust for the house, or just include it in your trust that holds your other financial accounts?
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Old 09-17-2017, 09:57 AM   #60
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Are there any downsides to having your home titled in a revocable living trust? And for those that do, did you set up a separate trust for the house, or just include it in your trust that holds your other financial accounts?


You need to speak to an attorney in your state. In some states you lose some of the creditor protections if your home is in a trust.
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