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Can other forms of co-ownership protect your assets?

Not generally. For example, two or more parties may own property as tenants-in-common, yet that's a dangerous form of ownership because each co-owner's interest is vulnerable to his or her creditors. As importantly, these co-owners are both personally liable for any liability created by the asset. The same is true with property jointly owned with right of survivorship (JTWROS). Families and spouses often use this form of ownership to avoid probate, but it presents the same problems as tenancy-in-common. It's far safer to co-own assets through a protective entity – such as a limited partnership or LLC – than as tenants-in-common or JTWROS, because these entities limit your personal liability. Moreover, your ownership interest in these entities would also be protected from your personal creditors. Direct co-ownerships other than as tenants-by-the-entirety is almost always a mistake.

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The Presser Law Firm, P.A. - Asset Protection Attorney
Located at 6199 N. Federal Highway Boca Raton, FL 33487. View Map
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