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View Poll Results: What owns your house?
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Person's name
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166 |
90.22% |
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LLC or business
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3 |
1.63% |
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Landtrust
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3 |
1.63% |
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Other
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12 |
6.52% |
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08-20-2013, 02:31 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,223
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Who owns your house?
Meaning, who's name is your house in?
Person's name?
LLC?
Land Trust?
Other.
Why?
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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08-20-2013, 02:33 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,223
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I have my house in an LLC as protection from an ex wife, creditors and to help it pass to my kids without probate.
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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08-20-2013, 02:36 PM
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#3
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Recycles dryer sheets
Join Date: Apr 2013
Location: Kansas City
Posts: 222
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My boyfriend's parents' names are on the title.
We don't qualify for a mortgage, as our business is under 2 years old. We had a contract drafted paying the house off through them, and there were too many issues with their names on the mortgage but not on the house, so we all decided it'd be easier to wait until we pay off the mortgage in the next couple of years, then put the house in our name while we continue paying the rest of the home cost to them, interest free.
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08-20-2013, 02:50 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Jun 2007
Location: near Canadian border and near Mexican border
Posts: 1,142
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 Quote:
Originally Posted by jIMOh
Meaning, who's name is your house in?
Person's name?
LLC?
Land Trust?
Other.
Why?
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For the sake of your poll, do you consider a Revocable Family Trust: 1. Person's name; or 2. Other?
__________________
Pigs get fat, hogs get slaughtered. That's my story and I am sticking to it.
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08-20-2013, 03:08 PM
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#5
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Recycles dryer sheets
Join Date: Jul 2013
Location: Altha
Posts: 161
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DW and my names are on the house and home 40 acres. Most of my family land is in my name, and her family land and in her name. We have no kids and haven't decided when or if we will sell the house. But I'm starting to see putting my library upstairs was a mistake. In 15 or so years we might sell to someone with younger knees.
__________________
Make good money, five dollars a day.
Made anymore, I might move away.
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08-20-2013, 03:19 PM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Quote:
Originally Posted by jIMOh
I have my house in an LLC as protection from an ex wife, creditors and to help it pass to my kids without probate.
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My house is in my own name. My ex has no claim on it since he got our house in the divorce and I bought my present house years later. My house not exactly the Hearst Castle and nobody is sitting on the edge of their chair waiting to inherit it.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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08-20-2013, 03:23 PM
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#7
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Recycles dryer sheets
Join Date: May 2011
Posts: 88
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We live in a co-op, so technically we don't "own" the place; we have a share in the corporation.
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08-20-2013, 03:23 PM
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#8
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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DW and I own our main house in our own names (JTROS).
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08-20-2013, 03:31 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: North Scottsdale
Posts: 1,545
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One house in my name, one in estate trust.
__________________
FIRE'D in July 2009 at 51...Never look back!
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08-20-2013, 03:36 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Aug 2012
Posts: 1,862
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None of the above, I guess. It's in a revocable trust.
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08-20-2013, 03:49 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Posts: 1,788
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Me myself and I.
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08-20-2013, 03:53 PM
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#12
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,373
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Quote:
Originally Posted by FIREd
DW and I own our main house in our own names (JTROS).
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+1
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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08-20-2013, 04:09 PM
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#13
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Recycles dryer sheets
Join Date: Aug 2013
Posts: 484
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Quote:
Originally Posted by Larro Darro
...I'm starting to see putting my library upstairs was a mistake. In 15 or so years we might sell to someone with younger knees.
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32 acres here, and 2nd floor seldom sees human presence. Basement remodel a few years ago is starting to seem a bit silly now too.
And, oh yeah, house is in DW and my names; bank has no more interest in our home  .
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08-20-2013, 05:25 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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I own my condo.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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08-20-2013, 05:54 PM
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#15
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Dryer sheet aficionado
Join Date: Aug 2013
Posts: 45
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Wells Fargo still owns my house, but it has my name on it for now...lol
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08-20-2013, 06:01 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 3,681
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The title has DH and I as joint owners with right of survivor. No mortgage, no liens.
If our assets are not large, is there a reason to title it otherwise? We do have wills leaving all assets to our 2 adult sons.
__________________
Married, both 69. DH retired June, 2010. I have a pleasant little part time job.
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08-20-2013, 06:10 PM
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#17
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Dryer sheet aficionado
Join Date: Aug 2013
Posts: 45
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Quote:
Originally Posted by Sue J
The title has DH and I as joint owners with right of survivor. No mortgage, no liens.
If our assets are not large, is there a reason to title it otherwise? We do have wills leaving all assets to our 2 adult sons.
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Yes, wills still go through probate and can cost your estate a lot of money depending on what State you live in. A living trust would be a better choice IMO.
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08-20-2013, 07:31 PM
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#18
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,212
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Family trust. (Same as the other non-retirement account assets.)
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08-20-2013, 08:23 PM
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#19
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Full time employment: Posting here.
Join Date: Sep 2012
Location: Albuquerque
Posts: 842
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My house is in my name (with less than $10K until it is paid off and truly in my name!!). But I live in an older neighborhood that has many middle class to upper middle class older people. At one time I noticed on the property tax website that probably 60-75% of the homes in my neighborhood were in trusts.
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08-20-2013, 08:32 PM
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#20
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
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Quote:
Originally Posted by fishnfool
Yes, wills still go through probate and can cost your estate a lot of money depending on what State you live in. A living trust would be a better choice IMO.
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Maybe, maybe not.
http://www.nolo.com/legal-encycloped...ary-30260.html
Quote:
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Morning, noon, and night, by mail, fax, phone, and email, Nolo is asked whether making a will is enough, or whether it's really much smarter to create a living trust for the purpose of avoiding probate. Not surprisingly, the answer is, "It depends." Some people need a living trust immediately, others will never need one, and most of us fall somewhere in the middle.
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__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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