In this episode of Tax Boss, we discuss titling and homestead, tenancy in common, and how state law can change the outcome of your estate plan if you’re not paying attention!
1:17 What happens when you have jointly owned property, and you don’t want the co-owner to inherit it? Florida’s homestead laws
2:36 Colorado homestead laws and value of total estate (Family Allowance and Exempt Property Allowance)
4:00 Options in handling a jointly held homestead
6:30 Differences between tenancy in common, tenancy by the entirety (TBE), and joint tenancy with rights of survivorship (JTROS)
9:15 In JROTS properties, either party can sever the JROTS and bring it to Tenants in Common; both members in Tenants by the Entirety would have to agree
10:30 Approaching personal estate planning assets in four quadrants: 1. Joint tenancy by entirety or rights of survivorship; 2. Anything that has a beneficiary designation form; 3. Anything owned by them individually that would be a probate asset; and 4. Trust asset (if they have a trust.)
13:15 Does your attorney understand Florida Statute 732.7025 or will they create an invalid deed?