Legal Question in Real Estate Law in California

Over 10 ten years ago a few of my siblings and I bought and fully paid for a home in Oregon for my aging parents and the eldest sister to live in, but only one sibling is on the title. We've equally shared all financial responsibilities associated with the property. Both parents have passed away, with the eldest sister still living in the home, which we do not have any plan to change.
The sibling on the title no longer wants to be on the title because for certain reasons, legally being the owner of this property inflates her assets, which compromises her qualification for a certain school program.
We're contemplating putting the property under an LLC to release this sibling from legal ownership and treat it as a rental, with the intention of keeping the eldest sister as the only tenant. Our intention is not to profit from the LLC, but simply to keep this living arrangement while releasing the owning sibling from legal ownership. The LLC will have two members - me and another sibling.
Is this the best thing to do to avoid any tax liability associated with title transfer? What is the best thing to do if the goals are to re-arrange ownership and not have tax/cost implications with ownership transfer. Thanks in advance.

Asked on 10/23/16, 7:01 pm

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You have posted a question that is governed by OR law to the panel of CA attorneys. You need to repost your question and specify Oregon.

Answered on 10/24/16, 1:58 pm

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