if a husband and wife have joint liability for a tax debt, each is responsible for the entire amount of the debt. There may be ways to request relief from tax, interest, and penalty liabilities resulting from a joint tax return. Consult...
Title requires that all joint tenants acquire their ownership interests through the same legal instrument or document. In practical terms, this means that if two or more individuals are buying a property together, they should be listed as co-owners on the same deed or other appropriate legal doc...
There are several ways two or more people can own property together, including tenancy in common and joint tenancy. Learn the difference between these two ways to own property together.
Tenants can change: No one is bound to the property for life. Any tenant can decide to sell their share when they need to. This makes TIC ownership much easier to pass on than a joint tenancy agreement. Cons Explained Debt liability for all tenants: If any tenant defaults on their share...
Tenancy by the entirety is a method of joint ownership permitted between spouses or, in some cases, legally registered domestic partners. In the US, not all states in the US recognize this type of ownership, but some still do, which can make passage of property from a spouse who dies to...
These forms of co-ownership include tenants in common, joint tenants with right of survivorship, tenancy by the entirety, and community property. The form of co-ownership should be specified on thedeed to the property. It is important to select the right form of co-ownership for your ...
Joint-tenancy shares can’t be bequeathed to another person. “A joint tenant’s interest cannot be passed to someone other than the other owner(s) upon death,” Carlsen says. “For example, if two sisters own property as joint tenants, and one sister dies, the living sister now owns th...
What Is a Life Tenant? Related Articles Discussion Comments Bysweetypie973— On Apr 14, 2014 When a parent dies, leaving a home to the daughter as beneficiary and the home was transferred to another beneficiary's name and the general warranty deeds home to her brother from the same mother ...
Joint ownership, also known as beneficial joint tenancy, specifies that tenants hold equal ownership rights. This holds true even if only one person paid for the property — anyone listed on the deed has ownership of the complete property. All tenants are granted their deeds at the same time ...
a tactful verbal mention of a board's non-compliance with its bylaws, proprietary lease, the BCL or other governing documents is often enough to do the trick - sometimes the problem is lack of awareness on behalf of the board, and the directors simply need a well-intentioned wake-up call...