Corporations and Limited Liability Corporations prepared for property owners To protect your assets and your property, you may elect to hold title to property in a corporate form rather than in your name. Let us explain the option that will best suit your needs. How can I hold title to property? -
Community Property: Arizona is a community property state which means married parties each own half of the interest in property purchased during the marriage or with community funds. This may be waived by either spouse through a Community Property Disclaimer Dead. Half of community interest passes to wife and children upon death. -
Tenants in Common: Each owner has an equal share of the property. They may sell or devise the property at their death as they see fit. -
Joint Tenants with Right of Survivorship: Property interest passes to the surviving joint tenants upon death. Step up in basis for the new owners. -
Community Property with Right of Survivorship: Community interest automatically passes to the spouse with a stepped up in basis for tax purposes. -
Corporations: This is a legal entity per the United Stated Governments. You must form these pursuant to state law. Corporate tax rates are higher unless Corporation files for Subchapter S. Protects personal assets. -
Subchapter S Corporation: Closely held corporation. Taxed at an individual rate not the corporate rate. Protects personal assets. -
Limited Liability Corporation/Partnership: These are formed at the state level. They are taxed at an individual rate. They provide protections for your personal assets. Each piece of property should be housed in a separate LLC. CONTACT US AT 623-877-0500 TO DISCUSS WHICH CORPORATE FORM OFFERS THE PROTECTION YOU NEED Ask for Amy Bain or Sheri Lauirtano, The above is for informational purposes only. No attorney-client privilege exists per the above informational solicitation. You should contact legal counsel for specific questions as to your situation. All amounts are estimates shown in US funds. Additional charges may apply. |
