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Lee Phillips explains the concept of a quit claim deed, which allows an individual to transfer their interest in a property. This deed is commonly used when transferring property into or out of a living revocable trust, as the trust is legally considered the individual. The quit claim deed asserts that the individual is relinquishing any claim they have on the property, regardless of the value of that interest. Phillips humorously notes that one could create a quit claim deed for interests in even high-profile properties like the White House, though its value may be minimal. However, he advises that for transferring assets to an LLC or corporation, a quit claim deed is not the appropriate method.
