One of my favorite stories is about the woman who came to
consultation on plantation plans.
He told me that he didn’t think he needed a living trust because
when her husband had died, all their assets had been deposited in
rent together and all he had to do was write down some affidavits
along with his death certificate, and the “poof” now is
owner, without a will.
He thought it was really good, he went on and added it
daughter to all of her real estate as a co-tenant. He
actually prepare and record the deed (he is a real retiree
property broker). I saw them and of course, princess
now in title with mother as co-tenant.
But now comes the real reason he came to see me. She’s a princess
been involved with the new man who was one of those protestors
who believe in the Internal Revenue Code (and Internal Revenue
service) unconstitutional. In protest, they decided to stop
pay income tax or report income tax.
Mother is now worried about the deed she has recorded and
want his daughter’s name removed. Can I help?
Well, the first suggestion is for her daughter to sign and record
the act of returning the joint rent interest that has been given by the mother.
Mother had thought that, but when asked, her daughter told her
mother that she is too worried and not to worry
about. He refused to sign the deed giving back the title.
The main thing is? Shared rentals are easy to make, but definitely difficult
to end.
Once you place your child (or anyone else) on the title, the property
considered as part owned by them and subject to
demands of their creditors.
Even if her daughter is not a tax protester, if she is in the car
accident and guilt, the creditor can file a claim against the
interest in property.
Shared Rentals can “Kill” Your Will.
Then there’s the story about the man who remarried after
first wife died. He wants to bequeath part of his estate to
children (from his first marriage) and separated from his new wife.
He and his new wife love each other so much that they decide to
all their assets in “joint-lease” (he doesn’t have much)
whatever, so the assets are changed).
Look, he died unexpectedly from a heart attack and
children today want to accept what they feel comes from
his land.
However, for those of you who have taken my multi-media course
know that co-lease is a very unique form of ownership for
assets or property. When one of the co-tenants dies,
his interest in the asset expires and the remainder lives on
the co-tenants are now sole proprietors.
So, regardless of what the man’s will said, rent together
holding the “killing will” from the moment the husband died, hers
interest in all his assets died with him.
It left nothing on his estate to leave to his children.
Sad, but true.
I recommend malpractice action against the lawyer who determined
everything, but apparently they did it themselves, using forms.
Good luck and until next time,
Phil Craig
PS Feel free to forward this to any friend.
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http://www.LivingTrustSecrets.com
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