Who owns your house?

[Sunset]

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

 

[RenoJay]

Fifth 3rd Bank owns over Two 3rds of our home. ).

Great word play!!

 

[Blue Collar Guy]

I have my house in an LLC as protection from an ex wife....

She still going after you?

 

[euro]

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.....

 

[euro]

Y'all realize this is a 4 year old thread ..

- no, I had not noticed that..... oh well. My vote stands

 

[gerntz]

Spouse's trust. Why not?

 

[Paracelsus]

Revocable living trust.

 

[ExFlyBoy5]

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.

 

[523HRR]

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?

 

[Dash man]

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.

 

[MarieIG]

For now, in persons' name. Eventually that may change but not in the immediate future.

 

[Ted_Shepherd]

My Revocable Living Trust holds only my family homes

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?

My revocable living trust has only my two family houses. (They are our residences. Neither of them is a rental property. Neither them has ever had a mortgage. My aversion to debt has had a calculable cost: while my new house has appreciated 3.4% according to Zillow, my stock market accounts are up 25%. ) My other financial assets are accounts at Schwab and Vanguard. They are not in the trust. They have TOD (Transfer on Death) designations. That over-rules anything I might say in a Last Will and Testament. Unlike a Will, though, I can easily change a TOD designation from my keyboard in two minutes. I used that power only once. When I married this year, I shifted my IRA heir to my spouse from my nephew, and another account TOD from the spouse to my nephew.