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Online Asset Protection Quiz.

You suggest co-ownership as another way to gain protection. What is co-ownership planning and how does co-ownerships work?

One form of protective co-ownership is tenancy-by-the-entirety (TBE). Twenty-five states, at least to some extent, protect assets owned by spouses as T/E against the creditors of only one spouse. Some T/E states limit their protection only to the family residence and other states extend their protection to other real estate, and still other states extend their protection to any assets, including stocks, bonds, personal property, and so forth that are titled as tenants-by-the-entirety.

Co-ownership planning is the concurrent ownership of property by two or more people. The most common co-ownerships involve assets owned between a husband and wife. When we refer to co-ownerships, we do not usually mean the co-ownership of business entities by multiple individuals (unless an undivided interest is held jointly or as tenants-by-the-entirety), nor do we refer to multiple beneficial interests in a trust.

There are four types of co-ownerships namely; 1) tenancy-in-common (TIC); 2) joint tenants with right of survivorship (JTWROS); JTWROS is often referred to simply as 'joint tenants' ownership; 3) tenants-by-the-entirety (TBE); and 4) community property.

It's important to understand the distinguishing features of each. Many folks don't understand the consequences of co-owning assets with others.

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The Presser Law Firm, P.A. - Asset Protection Attorney
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