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Lee Phillips discusses the concept of a quit claim deed, which involves transferring one's interest in a property. This type of deed is commonly used for transferring property into a living revocable trust, as it is treated as a transfer to oneself. A quit claim deed merely states that the individual is relinquishing any claim to the property, regardless of the value of the interest being conveyed. For instance, one could create a valid quit claim deed for their interest in the White House, even if that interest is minimal. However, when transferring assets to an LLC or corporation, a quit claim deed is not the appropriate method.
