TOPIC 16: CHARACTERISTICS AND CONSEQUENCES OF PROPERTY TITLING in .NET framework

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TOPIC 16: CHARACTERISTICS AND CONSEQUENCES OF PROPERTY TITLING
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1 Common law versus community property A Common law is a body of law that is based on custom and general principles and is embodied in case law It is applied to situations not covered by statute A husband and wife have equal ownership in all property under common law B Community property is all property that has been acquired by the efforts of either spouse during their marriage while living in a community property state It does not include property acquired by only one of the spouses by gift, devise, bequest, or inheritance, or acquired by either spouse prior to their marriage both spouses own community property equally C Classifying income in community property states (1) California rule Income from community property is community property, as well as anything bought with that income Income from separate property is separate property, as well as anything bought with that income (2) Texas rule (Texas, Idaho, and Louisiana) Income earned from separate property during the marriage is community property, but the gain on separate property when sold is separate property (3) Example: Steve and Liz live in California, a community property state Steve owned a convertible Corvette before their marriage, which Liz now uses Last year Liz s father gave her 1,000 shares of XYZ stock, which pays a quarterly dividend Liz used the last dividend check to buy a mountain bike Steve bought a kayak from money saved from his July paycheck The stock and bike are Liz s separate property The Corvette is Steve s separate property All the other assets, including both salaries and the kayak, are community property 2 Sole ownership Complete ownership with all rights 3 Joint tenancy with right of survivorship (JTWROS) A On the death of one co-owner, the decedent s interest automatically passes to the surviving owner(s) B The automatic right of survivorship inherent in joint tenancy prevails over other means of transfers at death, including a will and a trust instrument C In most states, one cotenant can unilaterally sever the joint tenancy without the knowledge or consent of the other tenant(s) D Joint tenancies are commonly created among family members 4 Tenancy by the entireties A Tenancy by the entirety is like a joint tenancy in that it carries the right of survivorship, but it can be created only between husband and wife
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48 - General Principles of Financial Planning B It is unlike joint tenancy, in that neither spouse may transfer the property without the consent of the other C Where such a title is recognized, since it is available only to married couples, a divorce will cause a tenant by the entirety title to automatically convert into a tenant in common form of title 5 Tenancy in common A Like joint tenancy, tenants in common interests are held by two or more persons, each having an undivided right to possess property B Unlike joint tenancy, tenants in common interests may be owned in unequal percentages, and when one owner dies, the remaining owners do not automatically succeed in ownership C The decedent s interest passes through his or her estate, by will or by the laws of intestate succession The interest can also be transferred to the trustee of a trust and passed according to the provisions of the trust D Tenancy in common is a preferred titling for nonrelatives 6 Trust ownership A A trust is a duciary relationship in which one person (the trustee) is holder of the title to property (the trust estate or trust corpus), subject to an equitable obligation to keep or use the property for the bene t of another (the bene ciary) B The trust instrument is a written agreement between the settlor (the person creating and funding the trust) and the trustee that sets forth for whose bene t the trust is created, how the trust estate is to be managed, the duration of the trust, and the distribution of the corpus when the trust terminates C A trust passes property outside of probate 7 Uniform Transfer to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA) A UGMA allows a simple method of making gifts to minors no court supervision is required UGMA allows transfer of securities, cash, life insurance, and annuities, but does not allow real property to be held in custodial form B UTMA was designed to replace UGMA UTMA allows any property interest to be transferred, including real property C There are characteristics shared by UGMA and UTMA that are different from those of trusts (1) A custodial gift may be created for only one person In contrast, a trust can provide for multiple bene ciaries (2) UGMA/UTMA is not a separate taxpayer all income is taxable to the minor In contrast, an irrevocable trust is a separate taxpayer offering preferential tax treatment (3) Under UGMA/UTMA, donees usually receive the custodial property outright by age 21, but distributions from trusts may be delayed for a later age
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