Posted on: 13th Nov, 2009 03:35 am
Hi,
I would like to transfer my primary residence to my llc which I am the owner of as well for estate planning purposes and asset protection. Will this cause a problem and can I still pay the property taxes in my name and keep the home owner's insurance in my name as well?
I would like to transfer my primary residence to my llc which I am the owner of as well for estate planning purposes and asset protection. Will this cause a problem and can I still pay the property taxes in my name and keep the home owner's insurance in my name as well?
everything will have to be in the name of your llc, because the llc holds title to the property.
>>which i am the owner of
i own my home too, and i have a first and second mortgage. do you mean the home is paid for? or does a mortgage exist?
if you currently have a mortgage on the property, it will become due and payable. mortgages are residential loans and an llc is commercial, and the two aren't compatible.
>>which i am the owner of
i own my home too, and i have a first and second mortgage. do you mean the home is paid for? or does a mortgage exist?
if you currently have a mortgage on the property, it will become due and payable. mortgages are residential loans and an llc is commercial, and the two aren't compatible.