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Which one is best for me? Real Estate Deed
 
  Quit Claim Deed Warranty Deed Special Warranty Deed
Requires all owners’ signature? Yes Yes Yes
Grantor defends title? No Yes Yes, but limited
Recommended Use? Divorcing Couples, Family Transfer, Funding a Trust or Corporation/LLC, Clearing Title Clouds Sale of Property to Third Party Flip Sales, Foreclosure Sales
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Real Estate Deed Transfer:
Add or remove loved ones from title – Gift property to relatives or charities. Take advantage of tax laws.
Transfer property to a Corporation or LLC – Shield your personal assets; re-title rental property.
Fund your Living Trust – Properties do not receive the benefit of the Living Trust until re-titled.
Protect property interests - Proper vesting can save headaches of probate. See ‘Q&A’ - “How should I title my property?”
 
 
Quit Claim Deed:
A Quit Claim Deed is a type of deed in which the grantor (current owner) transfers whatever interest they have in the property and makes no guarantees as to the clarity of title. A Quit Claim Deed is typically used to add or remove a family member from title, to fund a Living Trust, or to transfer property to and from a business entity. This type of Deed is not typically used when a property is being sold for monetary value.
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Warranty Deed:
A Warranty Deed is a type of deed in which the grantor (current owner) guarantees that they hold clear title to the property and have the right to convey it to you. The guarantee is not limited to the time the grantor owned the property—it extends back to the property's origins. The grantor (owner) states there are no hidden liens or encumbrances on the property. In other words, there are no debts or holds other than those that are obvious in the public records. The owner guarantees that if someone contests the title, they will stand-by and defend it. This deed is typically used when a property is being sold for monetary value.
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Special Warranty Deed:
A Special Warranty Deed is a type of deed in which the grantor (current owner) only guarantees and defends the title to a property for the time they have owned it. This protects the grantor from being responsible for any work done to the property when it was in the control of previous owners. As an example, a grantor purchases property from a previous owner, makes some improvements, and resells the property six months later. At the time the grantor purchased the property, the hot water heater seemed to be working fine. Two month after the new buyer moves in, the hot water heater fails. In this case, the grantor cannot be held liable, since the water heater was working fine at the time he or she sold the property. This Deed is typically used when a property is being sold for monetary value, but the grantor wishes to limit liability to the time of his or her ownership.
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Which one is best for me? Estate Planning
 
  Last Will Living Trust Living Will
Avoids costly probate? No Yes No, does not address
Effective Immediately? No, upon death Yes No, upon incapacity
Appoints Guardian for minor children? Yes No No
Quickly passes assets to beneficiaries? No, probate delays Yes No, does not address
Expresses medical wishes if you become incapacitated? No No Yes
Can be changed or revoked? Yes Yes Yes
Remains Private? No, public upon probate Yes Yes
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Last Will:
A Will is a document which states the desires of a person when they die. The Will is the governing document of a process called ‘probate’, which is a court proceeding held to distribute your estate. The maker of a Will appoints a ‘personal representative’ to carry out the distribution of property to your named ‘beneficiaries’. A Last Will also appoints guardians for minor children and states any special or last wishes you may have. Without a Will, a court will make these important decisions for you.
Passes assets to beneficiaries – Lets you specify ‘who gets what’ when you die.
Maintains control – Don’t let the court decide who will get your assets or take care of your children.
Speed up Probate – A Last Will saves time, your intentions are clear to the court judge.
Appoints guardians for minors – Be sure your minor children remain cared for if you die.
Specify last wishes – Whether to be buried or cremated, etc.
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Living Will:
A Living Will communicates a living person’s wishes regarding artificial life support, tube feeding, organ donation, autopsy options, etc. If a person cannot speak due to a terminal illness with no hope of recovery, a Living Will provides instructions to ease the burden on loved ones. (CreateLegalDocs.com provides a Healthcare Power of Attorney free of charge with the purchase of a Living Will. This document gives you added security if you become incapacitated, by allowing someone to make decisions for you).
Declare life support wishes – Decide what circumstances to prolong life.
Organ Donation wishes – Designate what parts, if any, to donate.
Choose or refuse medical treatment – Save your loved ones from making tough choices.
Choose to add a Healthcare Power of Attorney – Appoint an agent to make important decisions for you if you are incapacitated.
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What is a Living Trust?
A ‘trust’ is a relationship under which one party holds property (real or personal) for the benefit of another. The party creating the trust is called the ‘grantor or settlor’, the party holding the property is called the ‘trustee’, and the party for whose benefit the property is being held is called the ‘beneficiary’. A Living Trust may be set up so that you can retain complete control of your assets by appointing yourself as trustee. You may also elect to appoint a trusted loved one, friend, or even a banking institution. It is called a ‘Living’ trust because it is created and remains active during the settlor’s lifetime, unlike a Last Will – which becomes effective upon death.
Avoid probate court – By-pass the expense and delay of probate court.
Maintains Privacy – Trusts are confidential, Wills become public record.
Saves Time - Assets pass directly to your beneficiaries upon death.
Asset Protection – You appoint a trustee to manage your assets if you become incapacitated.
Harder to contest than a Will – If a Will is contested, assets become frozen until resolved.
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Which one is best for me? Form a Business
 
  C-Corporation S-Corporation (LLC) - Limited Liability Company
Protects personal assets from company liability? Yes Yes Yes
Requires formal meetings and record keeping? Yes Yes No, but recommended
Maximum Tax Flexibility? Yes Limited Yes
Owners must be U.S. Citizens? No Yes No
Issues Stock Shares? Yes Yes No, member owned
Can be owned by other companies or trusts Yes No Yes
Limit to number of owners? No Yes, no more than 75 No
Governing Document Corporate Bylaws agreed by shareholders Corporate Bylaws agreed by shareholders Operating Agreement agreed by members
Subject to self-employment taxes? Yes Yes No, if elected a 'Sub-S'
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Advantages of forming a Corporation / Limited Liability Company (LLC):
Protect personal assets – Liability is limited to the debts of the Corporation or LLC.
Tax benefits – Corporate tax rates are lower than for individuals. Gains or losses may be realized on your personal income tax to avoid double taxation. Self employment taxes may be avoided.
Professional appearance – Establish credibility with clients to win contracts and grow.
Maintains privacy – Personal information is less available to the public.
Durability – A Corporation or LLC is capable of continuing indefinitely, regardless of the death of shareholders, directors, officers, or members.
What are the advantages of forming a Corporation / Limited Liability Company?
 
The primary benefit is the limit of liability from your personal assets such as your house, car, and bank accounts. Corporations and LLC™s are durable entities the death of one officer or shareholder does not require the company to stop conducting business. Corporations and Limited Liability Companies offer different taxing options to reduce tax exposure. If you wish to grow a company, you may sell ownership to raise capital.
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What is an S-Corporation?
All Corporations are C-Corporations by default. There is no restriction of how many shares or class of stock a company can issue. One of the drawbacks of a C-Corporation is the chance for “double taxation”™. Profits are taxed (1) at the corporate level and (2) at the individual level if the C-Corp issues dividends to shareholders. A business loss in a C-Corporation does not get passed thru to be realized on a personal tax return. Instead, losses remain with the company and are reduced from future income of the company. C-Corporations are the only business that can split profits between retained earnings and dividends. S-Corps and Partnerships must report all profits as a distribution, even if the business has retained some of the cash for next year's operating expenses. The ability to choose when and how much you are taxed is an advantage for C-Corporations. This is a common entity for profitable companies seeking maximum flexibility with taxing options
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What is a Limited Liability Company (LLC)?
This is a popular business entity which enjoys the same limited liability benefit of corporations, but with a few differences: (1) there are no stock shares issued to its members. Instead, there can be an unlimited amount of “members”™ who hold certain percentages of interest in the company. (2) there is no requirement to hold formal meetings and maintain tedious paperwork, as with Corporations (3) a limited liability company has the flexibility to be taxed as a C-Corporation, S-Corporation, or a Partnership (4) Members may choose to elect managers to run the business “manager-managed”™ or the members may manage the business themselves “member-managed”™. This type of business entity is common for sole-proprietors and those seeking ease of operation.
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Which one is best for me? Power of Attorney
 
  Durable P.O.A Non-Durable P.O.A Healthcare P.O.A
Appoints an agent to act for you? Yes Yes Yes
Allows for financial and legal decisions? Yes Yes No, only medical
Allows for medical, life support, and organ donation decisions? No No Yes
Remains effective if you become incapacitated? Yes No Yes
Can be changed or revoked? Yes Yes Yes
Grantor can customize powers given to agent? Yes Yes Yes
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Power of Attorney:
Appoint loved ones to act for you – A family member or close friend can make important decisions for you if you are unavailable or incapacitated.
Maintain control – Don’t let your finances and family suffer if you cannot act.
Specify Powers – You decide what powers to give and when they become effective.
Revoke or change anytime – Make changes to powers or completely revoke.
What is a Power of Attorney??
This is a document that allows one person ‘grantor/principal’ to appoint another person ‘agent/attorney in fact’ to act for him or her. The powers granted may be as broad or specific as you like. You can even select your power of attorney to become effective only in certain cases. A power of attorney may be ‘durable’ (the powers given survive your incapacity) or ‘non-durable’ (powers end when you become incapacitated), or ‘springing’ (powers become effective only upon your incapacity). All Power of Attorneys become null and void upon death.
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What is a Durable Power of Attorney?
This type of power of attorney grants certain financial and legal power to your agent/attorney in fact which become effective immediately. Your attorney in fact will be able to make decisions for you even if you become mentally incapacitated.
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What is a Non-Durable Power of Attorney?
The same as a Durable Power of Attorney, with one difference: your agent/attorney in fact will NOT be able to act for you if you become mentally incapacitated.
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What is a Healthcare Power of Attorney?
This type of power of attorney grants an agent/attorney in fact the right to make certain medical and life support decisions if you become incapacitated. Important medical powers such as tube feeding, life support, and medication authorization are outlined.
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