Posts Tagged ‘Ownership’

One of the most common estate planning mistakes that people make is joint ownership.

 Estate planning can be daunting. Once you get past the fact that your very mortality (and morbidity) is the triggering event, estate planning means taking stock of all you own and, what is often more important, how you own it. Yes, there are many degrees of ownership and each can make for some difficult wrinkles. One common phenomenon is joint ownership between generations. Not only is it common, but it can make for some unintended problems. Forbes recently ran a piece on some of these problems and the five reasons to avoid such ownership form. Let’s review some of the…

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Can a veteran transfer all his assets to his child that he is residing with?

Like most questions, they are fact specific. Typically, the VA frowns upon transfers from a veteran to anyone residing in the household, unless demonstrated that the full ownership and all rights were rescinded AND it was performed prior to the date of entitlement.  Although, there can be many unexpected issues.