Your client and his wife plan to purchase a new home. They want a form of property ownership that: will transfer title at death outside the probate process; will allow each spouse, while alive, to have a vested one-half interest in the property; guarantees that the surviving spouse will receive the property when the other spouse dies; and allows lifetime disposition by one spouse of their property interest without requiring the consent of the other spouse. Assuming that all the forms of ownership below are available in the state where the property is located, what is the form of titling that will best achieve all of their objectives? A) Community property B) Tenancy by the entirety C) Joint tenants with right of survivorship D) Tenants in common
Your client and his wife plan to purchase a new home. They want a form of property ownership that: will transfer title at death outside the probate process; will allow each spouse, while alive, to have a vested one-half interest in the property; guarantees that the surviving spouse will receive the property when the other spouse dies; and allows lifetime disposition by one spouse of their property interest without requiring the consent of the other spouse. Assuming that all the forms of ownership below are available in the state where the property is located, what is the form of titling that will best achieve all of their objectives? A) Community property B) Tenancy by the entirety C) Joint tenants with right of survivorship D) Tenants in common
Chapter12: Nonrecognition Transactions
Section: Chapter Questions
Problem 42IIP
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Question
Your client and his wife plan to purchase a new home. They want a form of property ownership that:
- will transfer title at death outside the probate process;
- will allow each spouse, while alive, to have a vested one-half interest in the property;
- guarantees that the surviving spouse will receive the property when the other spouse dies; and
- allows lifetime disposition by one spouse of their property interest without requiring the consent of the other spouse.
Assuming that all the forms of ownership below are available in the state where the property is located, what is the form of titling that will best achieve all of their objectives?
A)
Community property
B)
Tenancy by the entirety
C)
Joint tenants with right of survivorship
D)
Tenants in common
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