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Assets protection : By the entirety by tenants vs Right of survivorship with tenants jointly.  Uploading ....South Florida Estate planning revolves around the concept of asset protection. A good estate plan will include protection for you in terms of separating your assets and liabilities in case of claims from creditors. Your house is likely to be your biggest asset if you're living in Southern Florida. The type of ownership determines the protection. It should be no surprise that real estate is also titled in many joint ownership situations.
They joint tenants by the entirety In Florida TBE: Estate Planning and Asset ProtectionThis is a special recognized joint tenancy among married couples. The greatest advantage is that if one of the spouse is faced with the problem of repayment of debt and the verdict goes against him/her, then the property can neither be divided nor compelled to dispose without the consent of both the spouse. It is not fair for a non-debtor spouse losing his or her primary residence just for satisfying a debt not created by him or her is the main justification in this approach. In addition, neither husband nor wife may convey his or her interest in the real property without the consent of the other. In closing, when 1 spouse dies, probate will be avoided as the other spouse will take title to the entire process.
Ownership through a joint tenant agreement and right of survivor-ship is also possible. JTWROS : Estate Planning and Asset Protection. This allows you to avoid probate while still holding on to your real estate like TBE. Creditors, however can have a partition and sale later on in the debtor's behalf, unlike TBE. This method to holding title does not protect the home asset adequately relating to the other unmarried or spouse titleholder. A creditor has the power to seize the debtor's interest which may cause unfortunate financial woe to the non debtor. You can get into a lot more liabilities if you own assets jointly with someone with whom you are not married to and as such you should avoid this situation.
In South Florida, TBE is a very effective asset protection plan for a married couple. All types of property inclusive of real property, tangible and intangible personal property could be titled as TBE in Florida, unlike most of other states. However, there are still drawbacks that must be considered, therefore; it would be wise to seek legal counsel. Following dissolution of marriage or death of a spouse,this security against creditors may be lost,in the long run. There are other issues to consider such as how TBE affects estate tax. To achieve optimal estate tax planning,contact the South Florida attorney who would assist you through the estate planning techniques.
Contact a South Florida attorney to get more information. The time to structure your estate is now. Because really, we need to get ourselves in gear quickly to handle our estate planning.Michael D. Wild is a South Florida estate attorney and managing partner of a Fort Lauderdale law firm, Wild Felice and Partners, P.A. that specializes in estate planning, asset protection and probate administration. He has provided legal representation to the Broward and Dade Counties since 2006.
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