GLOBAL ESTATE SERVICES. (DBA) Global Estate Assets Protection Shield L.L.C. An Estate Planning Organization. Providing Estate Planning and Assets Protections Benefits to Membership Organizations, ( Labor Unions, Credit Unions and selected Professional Associations since 1990).
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Talk to us about creating or updating your Will, Durable Power of Attorney, Health Care Proxy and Living Will. The first two documents will help ensure a positive financial legacy. The others will help your family and doctors make decisions about your medical care. Also, ask us if Tursts might be the best way to carry out some of your wishes.
Does a Living Trust Protect My Assets? NO!
HOW TO AVOID CONSERVATORSHIP AND PROBATE
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Joint ownership is probably the most form of family ownership of property, while at the same time the least understood. It is estimated that more than three-fourths of all the real estate owned by married couples in the united state is held in joint tenancy. When you consider joint bank accounts, joint ownership of stocks and bonds and joint safe deposit boxes it become apparent that joint ownership of property is by far the most prevalent form of ownership.
More important, such joint ownership of property is not limited to husband and wives. It is quite common to see homes, bank accounts, even automobile owned in joint tenancy by a mother and daughter, or by parents and teenage son, or by two business partners.
When more than one person own the same property at the same time, they are said to be " co-tenants" of the property. Co-tenancy can be in several forms: Joint Tenancy, Tenancy by the entirety, tenancy in common and tenancy by partnership.
The problems often occur when a creditor of one owner tries to collect the debt owed by levying on the jointly-owned property. Can the creditor of one joint tenant reach the whole property?, Can he reach the debtor's share of the property?, Can he force the sale or division of the property to satisfy the debt?. In other words do you have to worry about the creditors of your co-tenant or joint tenant? Yes.
The next problem with joint ownership is when one of the co-tenant DIE, Does his share need to be probated?. No Upon the death of a joint tenant there is no probate, joint tenancy only postpne probate?.
There is a beneficial tax advantage of holding appreciating property in a LIVING TRUST. Property held in a living Trust receives a full "step-up" in the cost basis upon the death of one spouse. The SURVIVING SPOUSE PAYS NO CAPITAL GAINS TAX ON THE PRE DEATH APPRECITION. Property held in JOINT -TENANT only receives a half step-up basis upon the death of the first spouse.
What about IF one of the JOINT-TENANT become incapacitated?.
A probate court appoint a CONSERVATORSHIP and give the court control of the assets! A LIVING TRUST Avoid conservatorship.
For more information about LIVING TRUST, Please see FREQUENTLY ASKED QUESTIONS.