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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55713
Experience:  29 years of experience as a tax, real estate, and business attorney.
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What is the impact of owing title to a residence in a Joint

Customer Question

What is the impact of owing title to a residence in a Joint Tenants with Right of Survival, vis-a-via in a LLC or a Revocable Trust
Samuel Harrell
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Submitted: 11 months ago.
Category: Tax
Expert:  Richard replied 11 months ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 11 months ago.

Hi Samuel. If you own it as JT w/ROS, upon your death, the title vests in the surviving owner automatically and probate is not required. If you own it in a revocable trust, then the trust agreement controls what happens to the property at your death and again probate is not required. Owning it in an LLC means that the LLC and its assets are not impacted by your death, but upon your death the disposition of your ownership of the LLC goes through probate under your will unless you put the ownership interest of the LLC into the revocable trust prior to your death in which case the trust agreement controls and probate is not necessary.

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Expert:  Richard replied 11 months ago.

I just wanted to let you know that I will be away at a meeting for the next couple of hours. Should you have a follow up while I’m away, I will address it immediately upon my return. Thank you in advance for your patience. I apologize for any inconvenience.

Expert:  Richard replied 11 months ago.

Hi. I wanted to let you know I have returned. I'll be happy to answer any follow up questions should you have any!