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How Property is Titled

How Property is Titled. Karisha Devlin Agricultural Business Specialist. Title Ownership. Land Livestock Machinery Other property. Classifications of Property. Real Land Homes, buildings Personal Tangible Intangible. Major Factors that Influence Choice of Ownership.

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How Property is Titled

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  1. How Property is Titled Karisha Devlin Agricultural Business Specialist

  2. Title Ownership • Land • Livestock • Machinery • Other property

  3. Classifications of Property • Real • Land • Homes, buildings • Personal • Tangible • Intangible

  4. Major Factors that Influence Choice of Ownership • Preferences as to sole ownership or co-ownership • Desired disposition of property at death • Estate and inheritance tax effects • Gift tax implications • Differences in estate settlement costs

  5. Forms of Property Ownership in Missouri… • How you own property makes a large difference in planning for your retirement income and for doing your Estate Planning. • First, you need to know how property can be owned.

  6. Forms of Property Ownership in Missouri…(con’t) • Property can be owned solely or in different ways of concurrent ownership. • tenancy by the entirety (spouses only) • joint tenants with right of survivorship (JTROS) • tenants in common

  7. Tenancy by the Entirety.. • Can only exist between husband and wife • Each one owns an undivided 100% • Surviving spouse automatically gets the whole property

  8. Tenancy by the Entirety • When first spouse dies, estate is transferred to surviving spouse, normally without any probate or estate tax. • However, after surviving spouse dies, probate or estate tax can become a burden on remaining heirs. • If surviving spouse remarries, this all changes.

  9. Joint Tenants with Right of Survivorship (JTROS)… • Can be between any 2 or more persons • All have to own equal “shares” in the asset • Last person surviving automatically gets 100% of property

  10. Joint Tenants with Right of Survivorship (JTROS)… • Person can “give” their interest away during lifetime but it’s not inheritable (unless they’re the last one) • Remember if “wrong” one dies first, his/her heirs have no legal claim

  11. Joint Tenants with Right of Survivorship (JTROS)… • Advantage – avoids probate. Difficult for liability and health care claims to be paid out against this property. • Disadvantage – not inheritable unless you are the last one living. Also very limiting on what you can do with your property. May force issues with people who do not get along.

  12. Tenants in Common… • This is when 2 or more persons own an undivided interest in property • They do not have to own equal portions in property • Each person can determine who inherits their part

  13. Tenants in Common… • This is an especially good estate planning tool in large estates where estate tax is an issue. • Husband and wife can each plan their portion of the estate how they wish.

  14. Questions Karisha Devlin devlink@missouri.edu 573-633-2640

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