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Joint Tenancy Warranty Deed Form
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FAQs right of survivorship
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What are the tax advantages of holding a tile for condo as a joint tenancy vs. a community property with right of survivorship for a new home buyer?
The doctrine of community property is a concept seen in the law of some western U.S. States. It is not a property law concept so much as an elevation of in recognition of the importance of equitable interests in both real and personal property that develop in consequence of the marital relation--i.e. in property settlements incident to divorce. But equitable property interests in property both brought into and developed within a marital relation exist in all common-law jurisdictions. As to estates in land that are held by married people, including the condominium, the classic one is the tenancy by the entireties. Some jurisdictions have abolished the TBE and only have the joint tenancy with right of survivorship and leave the fact of the existence or not of a marital relation between the joint tenants as a factor sounding only in family law and constitutional law.Principal residence exemptions exist in federal income taxation and state constitution property-tax provisions. The nature of the estate in land generally does not matter so much as who the legal owner(s) are, such as whether or not there is a qualified principal residence trust involved. -
If you’re married and own a home, what is the difference between a living trust for your spouse and “joint tenancy with right of survivorship“?
Here’s the non-legal advice answer.A trust covers much more than simply “who gets the house if I die”.Generally, it would outline how all various assets would be managed, distributed, invested, or whatever you choose for your legacy.Another important point is while not pleasant to think about, you and your wife could die together in an accident. Then what?Your Trust has outlined virtually every what if. It gives you the peace of mind knowing you still had control, even after passing. -
What is my role as a trustee for a minor in a joint tenancy with right of survivorship? Does this mean that when she turns 18, I am no longer a joint tenant and she becomes the sole tenant?
A joint tenancy (joint ownership) is multiple people on a deed. In this case, the minor is one of the people. Right of survivorship means the property passes to the surviving deeded owners upon the death of another owner. You see this most often with a husband and wife - one dies and the other becomes sole owner without having to probate the estate.The trustee acts on behalf of the minor until she turns 18. The trustee is not the joint tenant - the minor is the joint tenant. This is most often seen with a single parent putting a child on the deed to a property. A trustee has to be used because a minor cannot sign the necessary legal contracts.Unless you are the other party in the tenancy, your role ends when she turns 18. You're done and out of it. -
If a Florida condo has parents and a child co-owners under a joint tenancy with rights of survivorship, would the parent gifting share to the child incur any tax incident to a parent/child or a “change in status” for a parent at Social Security?
A2A - UNKOWN for social security but a very very unwise tax move. The kid does not get a step up in basis upon parents death for the parents half. Presuming it is NOT the kids primary residence. -
Before I married my husband, he and his older sister bought a house in NY. The deed type is joint tenants with rights of survivorship. I am starting worry, what if anything happens to my husband, how can I protect my baby and myself?
You are going to have to learn to live with the house being “Joint Tenancy” and “Right-of-Survivor-ship.” You and baby are no concern whatsoever to your sister-in-law. The house is an amiable investment between your husband and his sister, and they don’t need you waltzing-in and disrupting their venture.You do not want people to view you as an entitled, self-centered, controlling woman. Your husband should be looking after you in other ways. If he isn’t, then perhaps you married the wrong person, and you should not have made a baby together.You might as well learn now the house is off-limits to you. So stop obsessing over the house before you allow it to destroy your marriage. Sadly I’m afraid it is probably already too late, in as much as you have already allowed it to destroy your own personal integrity. That is if you had any integrity to begin with. Which I doubt. -
How do I get out of a joint tenancy with the ex who doesn’t pay for anything and won’t leave?
In California, you would give notice, assuming it is a rental, and leave. Let the landlord worry about evicting your ex.You can't force your ex to leave, as she hasn't violated the agreement you have with her.If you want to stay, offer to pay your ex to leave. Don't sign any commitments, just a cash payment upon actually vacating, meaning all possessions as well.Offer to rent a motel room for a month, under their name. Do NOT put your name on anything for her future living quarters, or you will be stuck with future bills -
Approximately how much would I pay for an annuity with a guaranteed monthly tax-free payment to me (no joint survivorship - benefit ends on my death) of $3300 and it has a cost of living rider?
This would depend on your age. It's definitely possible for someone at age 65 to purchase this lifetime income stream with $650,000.The purpose of a living benefit is to avoid annuitization and maintain a cash value. In cases similar to yours it is likely optimal to divide the lump sum into multiple different contracts.Cases like this could involve purchasing a period certain immediate annuity while another contract is in defferment to increase living benefit base.The complexities in the annuity space causes most brokers to just sell the same product to everyone they meet. Planning is the key to effectively using these tools for your intended purpose.Have questions about annuities?Email: logan.bailey@theannuityspecialists.net
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People also ask warranty deed joint tenancy
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What is a joint tenancy?
In estate law, joint tenancy is a special form of ownership by two or more persons of the same property. The individuals, who are called joint tenants, share equal ownership of the property and have the equal, undivided right to keep or dispose of the property. Joint tenancy creates a Right of Survivorship. -
What is Tenants in Common?
Tenancy in Common is a specific type of concurrent, or simultaneous, ownership of rEval property by two or more parties. ... All tenants in common hold an individual, undivided ownership interest in the property. This means that each party has the right to alienate, or transfer the ownership of, her ownership interest. -
What is the difference between tenants in common and joint tenants?
Joint tenancy also differs from tenancy in common because when one joint tenant dies, the other remaining joint tenants inherit the deceased tenant's interest in the property. However, a joint tenancy does allow owners to sell their interests. If one owner sells, the tenancy is converted to a tenancy in common. -
What does joint tenants with rights of survivorship and not as tenants in common mean?
Tenants in common have no right of survivorship, meaning that if one tenant in common dies, that tenant's interest in the property will be part of his or her estate and pass by inheritance to that owner's devises or heirs, either by will, or by intestate succession. -
What is the difference between joint tenants in common and joint tenants with rights of survivorship?
Once there is a sale, the joint tenancy becomes tenancy in common. Tenancy in common, on the other hand, refers to ownership over a certain property by two individuals without any right of survivorship. They are co-owners of the property and their shares and interest over said property are equal.
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