| ] ifnot correctly held, fraught with pitfalls. Tempting though it may seem, | there could be many disadvantages involved in joint ownership. Except rie Gary ¥ CO -> Be 1eZ: tbe re also Ms. owner. Therefore, property that is intended to serve as protection for aparticular individual should not be held this way. Also, joint } ownership may result in additional } property taxes. In addition, some types of plural ownership restrict the owner’s rights, a condition that may be undesirable in some ) situations. Neither should joint } ownership be considered as a substitute for a will. But joint _ Jownership is not all negative. _ Although joint ownership is most common in connection with real estate and is particularly helpful to husband and wife, it is frequently Jused for nearly every kind of } personal property as well, and could be used by two, three, or even more persons wishing to hold a particular ‘}property jointly. These are the three types of plural ownership ed aS judgment is obtained against either eR or. vill be Alaska for “homestead”’ rights, joint ownership makes the property so held liable to seizure if a court vould s are e -6564. uts of se send Alumni ted ‘sen citing citing ether. four ‘““come for a ident Prost generally used — and most + nisunderstood. aa First: Tenancy in Common. This is the type most frequently employed. It is the type that the courts will usually assume to have 7 been intended unless one of the | other forms is specified. The tenants do not need to be related. 1 Intheory, each tenant in common _ J owns a certain interest in the 4 of either party, the survivor takes the whole estate so held. During the life of both parties, the husband is entitled to the management of the property. Neither husband nor wife acting alone can dispose of his or her interest to a third party. Although a large percentage of real estate is held in this form, some states do not recognize it. It is important to note that joint tenancy ownership is one of the most complex of legal situations. Anyone considering joint tenancy of any variety should first seek competant legal counsel. There are several important points which should be considered by the person attempting to decide which form of ownership is best. When it is desirable that property be passed directly from one person to another without the heirs of the first to die obtaining a share, one of the forms such as joint tenancy with right of survivorship or Under any of the forms there is a saving in cost, time, and trouble over that which may be experienced if property in which there is a joint interest is held in the name of but one individual. But all property held in tenancy by the entirety or joint tenancy may be subject to estate and inheritance taxes in the estate of the first of the tenants to die. The laws relating to this differ The Development Office - 1011 Weber State College eel i le ah lk Ogden, Utah 84408 Please send me your booklet on: CI Estate Planning - A Blueprint [1 Charitable Unitrusts [1 would like additional information on the advantages of estate planning, or making a contribution to Weber State College. PHONE ( NAME ADDRESS CITY. ) STATE ZIP. The years you attended Weber: 19__ to 19__ The years your spouse attended ene Seem aoe Ge cS eee ED Gee Ge Go ce ee ce ee ce “THE INCOME TAX LAW HAS MAVE MOKE HA6,” LIARS OUT OF AMERICANS THAN GOLFWill Rogers But there is a way to honestly decrease your taxes and possibly increase your income. A gift of stock, real estate, bonds or even life insurance to Weber State College could result in a substantial lifetime income for you and your spouse. But that isn’t all. e Your income will be free of the cares, responsibilities, and costs usually round in managing income-producing assets, and may be even greater than that which you presently receive. e Your income taxes in the year you make the gift could be substantially reduced. In addition, there may be a carry-over which would further reduce your income taxes for up to five years after you make the gift. e The Capi tal gains tax onthe appreciated value of your property is totally avoided. e Your eventual estate taxes and selling costs will be reduced or eliminated, minimizing legal problems for your spouse and decreasing shrinkage in your estate. e Your income may be structured to either minimize fluctuations in the economy or to take advantage of inflation depending on your desires and the type of property you choose to give. e And, of course, your gift will be used to maintain the Tradition of Excellence which has characterized Weber State College for almost 100 years. Many thoughtful people are following this procedure to simplify the planning and administration of their estates and to make certain they have ample income now and during their retirement years. Let us show you the advantages of making a gift to a school that really cares about education. There is no obligation. Weber State College Development Fund Weber State College 1011 Ogden, Utah 84408 Telephone (801) 626-6568 YOU CAN MAKE WOW AWW A LASTING WERE DIFFERENCE eee ee aa Page 9 ne to pay. However, if property in which husband and wife are » } mutually interested is jointly owned in the correct manner, many of these difficulties can be avoided; or If you would like to learn about the personal benefits that come from protecting your present and future earnings through estate planning, or would like informaiton on making a tax-deductible gift to Weber State College, please complete the following information and mail to: i there may also be additional taxes shares actually owned either by mutual or legal agreement. It is not necessary that the individual tenants own equal shares. If one of the tenants dies, his share passes to his heirs. Each tenant has the right to sell, assign, or convey his share in the property. However, though it may seem such, tenancy in common may not be the most desirable form of joint ownership, especially when the tenants are husband and wife. Second: Joint Tenancy with Right of Survivorship. Often referred to simply as joint tenancy, this is a fairly common form of ownership. It can be created only by using specifically correct terminology in phrasing the conveying document. The parties need not be related. Chief distinguishing feature of joint tenancy is the right of survivorship. By this is meant that, at the death of a first joint tenant, his share or interest will pass to the surviving joint tenant, and the heirs of the deceased are excluded. Where there are more than two joint tenants, the joint tenancy continues in force until, through sucessive deaths, the property passes to the last joint tenant. In a joint tenancy each joint tenant, except for the purpose of transfer, is considered to own all the joint estate; and in this form of ownership joint tenants have an equality of shares. Third: Tenancy by the Entirety. This is merely joint tenancy with the exception that the parties must be husband and wife. At the death more than worth the cost. a i involved, unnecessary expense and time-consuming legal entanglements could result and the property can be divided into the deciding how property is to be held. The small expense involved will be a for solely in a will, or left as part of | the estate to be distributed as required by the laws of the state undivided goods or property, but problems of joint ownership. Again, legal help should be sought when Sin A Joint ownership provides that property owned by two or more individuals will pass, by law, to a survivor or survivors. But that’s only the beginning. Following is a synopsis, distilled fom several sources, of the most commonly used forms of joint ownership — and some of the pros 4 and cons involved. There are many types of property ) that a husband or wife may wish the other to have after the death of ) the one in whose name the property isheld. If this change is provided a practical alternative to,the RUT VVTVTTTVVATY TETTTTTTVTTVTT by Peter Maughan, WSC Development Officer 4 {i------------- Eighth in a Series on Estate Planning from state to state and may be quite complicated. A trust may be tenancy by the entirety is of great advantage. However, the chief disadvantage of either of these forms is that one’s share in the ownership of property so held can be seized for that owner’s debts. The provisions that either limit or permit disposal of individual portions of property are an advantage or a hindrance, depending on the circumstances. VUVTTTTTTTHTISTTTTT TTTTTTTTTTTTT Joint ownership of property... yea or nay