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I am buying a condo for my 3 children and put it in their names what is the best way for them to hold title to this condo just put it into the oldests childs name or put it in all 3 of their names or should they form a LLC. 2 of them are married.
Optional Information: State/Country relating to question: Maryland
Good morning. The best way to handle this would be to put it in an LLC so they don't need a unanimous decision on everything and can manage it by majority vote and deal with ownership changes. Otherwise, with multiple ownership in undivided interests, it is far too cumbersome.
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Experience: Texas lawyer for 32 years; Also RE developer