This article provides an overview of the benefits of transferring real property into LLCs, as well as the issues that property owners should consider. This Memorandum is intended as a general guide for you to use in administering your Revocable Trust (also known as a "Living Trust")Do I have to fill out any form to IRS in my tax return this year, if I have transfer a property title to my son? The deed and change in ownership form are then filed with your local county recorder's office. Many people opt to put their homes into a trust. What do you do if you are still paying off a mortgage? In Florida, a lady bird deed is a simpler and less expensive way to transfer property upon death than a living trust. Trusts are a powerful and dynamic tool in the estate planner's toolbox. I applied to the IRS online for a tax id number and made a mistake. Assets held in a revocable living trust do not go through probate.