My husband and I are looking to purchase a second home in Las Vegas. In the us they have multiple ways to hold title on real estate.
Sole Ownership,Joint Tenancy, Tenants in Commons are just a few examples. From a Estate Tax Planning perspective what is the recommened one to choose?
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#1 by MikeHale on August 29th, 2009
Use “Tenancy by the Entirety”.
A lawsuit against one spouse will not put a lien on the house and the property transfers to a surviving spouse without going through probate. It is like tenancy in common, but with added protection in case of a lawsuit against one spouse.
#2 by Sam on August 29th, 2009
Nevada is a community property state so you would most likely hold title as joint tennats