3 Real Estate Pitfalls to Avoid Before December 31st.

Be sure that your property is correctly titled for maximizing your tax benefits! “By failing to prepare, you are preparing to fail.” ~ Benjamin Franklin

As we approach the end of the year we often need to be reminded of some simple things which are easy to do, however are often forgotten. Below are 3 situations which may be relevant to you or people you know regarding real property.

1. If you own investment property and you either purchased or refinanced it during 2016, you will want to verify that it is titled in the correct entity. Investment properties, according to CPA’s, can get the most bang for your buck when owned by a company versus an individual or their Living Trust. To review the current title, either contact your County Assessor’s office or research online and see who is listed as the owner of the property, you or your LLC?
2. Sometimes there are benefits to gifting the property to family members, or you may simply want to forgive a loan you made to a family member on a home. During this holiday season removing the debt (loan obligation) from the property may be of benefit to you as well as an incredible gift to a loved one.
3. At this time of year, with families coming together, often times conversations arise about those whose health may be declining. In the event that your family has suffered a loss where one spouse remains, you want to take steps to ensure that the property is protected from potential probate. This may also apply to situations where an elderly member of the family is either in declining health or has moved to an assisted living facility. There may be some simple steps to take now which can ensure that the property is protected from probate, that ugly process some people have to experience if pre-planning was not handled prior to incapacity or death. Doing this now may save you money, time and emotional stress often associated with cleaning up after the loss of a loved family member.

Realizing that the year is nearly over and that time is no longer on your side, you may want to consult with someone who specializes in this area to assist you with your home or investment properties. Attempting to “do-it-yourself” may cause unneeded stress or worse if it is done incorrectly and may cause more headache down the road.

Quick Claim USA and its employees are not attorneys in the State of Nevada or in any other State or Jurisdiction. Quick Claim USA is not licensed to give legal advice and may not accept fees for giving legal advice. Should you have questions regarding any of the above items, you must seek the advice of independent legal/tax counsel of your choosing.