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!
Florida Statute 732.7025 to waive spousal homestead rights
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?