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Lee Phillips discusses the concept of a quit claim deed, which involves relinquishing one's interest in a property. This type of deed is commonly used in transferring property into and out of a living revocable trust, as the trust is viewed as an extension of the individual. He explains that a quit claim deed merely states the individual is giving up any claim to the property, regardless of the actual value of that interest. Phillips uses an example, asserting he could provide a valid quit claim deed for his minimal interest in the White House, highlighting that the deed's validity does not equate to the value of the interest. He notes that quit claim deeds are not suitable for transferring assets to an LLC or corporation.