Last week I attended a seminar taught by an attorney who is also a CPA. I would like to share with you some important information he shared regarding the best way to hold title on your home. I want every one of my clients to be aware of the benefits and implications of the type of title you are holding on your property.
The title to your home or a rental property is a very different type of ownership from owning stocks, a computer or a car. How you choose to hold title is very important because it has many tax and legal consequences during your life time and when the property is transferred to your heirs. Holding it incorrectly could translate into costing you or your heirs hundreds of thousands of dollars in unnecessary income taxes and legal fees.
