Chicago Real Estate Attorney
Thomas Polinski

Quitclaim Deeds

Beware of Quitclaim Deeds

Many older people add their children on title to their homes in order to simplify things in the event of their death.

However, this is not always a sure thing. If one of your children has legal or financial problems, your home could be put at risk.

One real life example is of a widow who lost her entire home, after adding her daughter on title with a quitclaim deed, because of her daughter's tax obligations to the Internal Revenue Service.

Or, one of your children could be sued for divorce, or because they were involved in an automobile accident. These are real life situations that could cause an entire forfeiture of any of your assets which are held in joint tenancy with that child.

Talk to an attorney prior to retitling any of your assets or prior to signing a quitclaim deed.

There may be alternatives which would be more beneficial for you, such as Living Trusts, depending on your individual circumstances.

by Thomas Polinski

Call Thomas J. Polinski & Associates, Ltd. at 866-435-5828 for all of your real estate needs. Our attorneys are seasoned professionals experienced in all areas of real estate.

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Thomas Polinski
Thomas J. Polinski & Associates
5844 W. Irving Park Rd.
Chicago, IL 60634
Phone: 866-435-5828
Fax: 773-282-9806

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