Chapter 8 Forms of Property Ownership

Index

Section 8.1 Sole Ownership
Section 8.2 Generally
Section 8.3 Forms of Co-Ownership Recognized in Missouri
Section 8.4 Tenancy in Common
Section 8.5 Joint Tenancy and Tenancy by the Entirety
Section 8.6 Business Entities
Section 8.7 General Warranty Deeds
Section 8.8 Special Warranty Deeds
Section 8.9 Quitclaim Deeds
Section 8.10 Deeds From Trustees and Personal Representatives
Section 8.11 Trustees’ Deeds Under Foreclosure
Section 8.12 Sheriffs’ Deeds Under Execution and in Partition
Section 8.13 Creating a Joint Ownership
Section 8.14 The Four Unities
Section 8.15 Necessity of Expressing Intent
Section 8.16 Creating a Joint Tenancy
Section 8.17 Creating Entirety Tenancy in Husband and Wife by Deed
Section 8.18 Intent as to Personal Property
Section 8.19 How to Establish Intent—Personal Property
Section 8.20 Register Title in Names of Owners as Joint Tenants
Section 8.21 Requirements of Transfer and Evidence
Section 8.22 Future Acquisitions
Section 8.23 File Gift Tax Returns
Section 8.24 Operate From Joint Bank Account
Section 8.25 Should Property Be Held in Joint Names?—Checklist of Considerations for and Against Joint Ownership
Section 8.26 Title Passes Immediately
Section 8.27 Probate Administration Is Avoided
Section 8.28 Claims of Creditors May Be Defeated
Section 8.29 Ancillary Administration Can Be Avoided
Section 8.30 Funds Are Immediately Available
Section 8.31 Continuity of the Family Home
Section 8.32 Convenience Accounts
Section 8.33 Multiple Certificates of Deposit
Section 8.34 Household Checking Account
Section 8.35 Loss of Control
Section 8.36 Possible Gift Tax Consequences
Section 8.37 New Joint Tenant May Predecease
Section 8.38 Loss of Testamentary Control
Section 8.39 Creditors May Be Left Without a Remedy
Section 8.40 Debts of Co-Owners
Section 8.41 Loss of Flexibility
Section 8.42 Survivorship May Be Terminated
Section 8.43 Simultaneous Death
Section 8.44 Planning for Minors or Aged Parents
Section 8.45 No Planning for the Second Death
Section 8.46 Co-Owners May Quarrel
Section 8.47 Tax Savings Features May Be Eliminated
Section 8.48 Lack of Financial Management
Section 8.49 Unfavorable Cost Basis
Section 8.50 Divorce
Section 8.51 Incompetency
Section 8.52 Effect of Using Joint or Entirety Property as Security
Section 8.53 Property May Be Overlooked
Section 8.54 Alternatives to Joint Tenancy or Tenancy by the Entirety—Determine the Objectives
Section 8.55 Testamentary Trusts
Section 8.56 Revocable Living Trusts
Section 8.57 Qualified Personal Residence Trusts
Section 8.58 Irrevocable Life Insurance Trusts
Section 8.59 Transfer on Death Directions
Section 8.60 Form of Designation
Section 8.61 Transfer on Death Direction Is Revocable
Section 8.62 Acceptance of Transfer on Death Directions Is Not Mandatory
Section 8.63 Advantages of Transfer on Death Directions
Section 8.64 Transferee Liability
Section 8.65 Introduction
Section 8.66 Creation of Joint Tenancy and Gift Taxes
Section 8.67 General Rule
Section 8.68 Contribution Exception
Section 8.69 Spousal Exception
Section 8.70 Property Acquired by Gift, Bequest, Devise, or Inheritance Exception
Section 8.71 Simultaneous Death of Joint Tenants
Section 8.72 Joint Ownership Between Spouses
Section 8.73 A Few General Thoughts Regarding Estate Planning and the Ownership of Property
Section 8.74 Avoidance of Probate
Section 8.75 Use of Joint Property as a Way to Avoid Probate
Section 8.76 Brevity Is Not an End Unto Itself
Section 8.77 Probate May Be Advantageous
Section 8.78 A Revocable Living Trust May or May Not Be the Answer
Section 8.79 A Simple Outright Distribution to the Spouse May Be Expensive
Section 8.80 Insurance Proceeds
Section 8.81 Inflexible Estate Plans Should Be Avoided
Section 8.82 The Last Will and Testament Should Not Be the “Last”
Section 8.83 Use of Gifts Should Be Considered
Section 8.84 Adequate Trust Powers Are Essential
Section 8.85 Simultaneous Deaths
Section 8.86 Powers of Appointment and Disclaimers
Section 8.87 Charitable Gifts
Section 8.88 Probate Inventory
Section 8.89 Federal Tax Liens
Section 8.90 Contemplation of Death
Section 8.91 Home Sales
Section 8.92 Grantor Trusts
Section 8.93 Aliens and Foreign Corporations as Grantees
Section 8.94 Conservation Easements
Section 8.95 Transfers to Trusts
Section 8.96 Economic Growth and Tax Relief Reconciliation Act
Section 8.97 Rule Against Perpetuities
Section 8.98 Subdivision Restrictions
Section 8.99 Methamphetamine Production
Section 8.100 Loan Assumptions