My partner and I want to buy a house and wonder if there is difference to hold title through a family revocable trust or through joint tenancy? More specifically:
1) Do we get more asset protection via trust? For example, our creditors will not be able to find the asset if the titles are held via a family revocable trust?
2) regarding appreciation tax, do we get 250K or 500K exemption of appreciation tax when we sell the house?
There would certainly be a difference between the two, either way, though. As for which one is better…that will depend on your circumstances (and possibly your jurisdiction). When purchasing your house, you’ll want to discuss with your lawyer how you want to take title, and what the consequences of each would be.
