The Estate and Trust Tax Planning Committee sought to clarify the creation of a joint tenancy with right of survivorship, or tenancy by the entireties
in certain personal property, without the traditional straw man third-person transfer, studying other states' allowing a statutory community property trust, conversion of nontrust property into community property, evaluating whether clarification is necessary for certain fiduciary elections and tax disclosures, including technical advice for what was approved as CS/CS/CS/SB 540, and pursuing enactment of the last provisions of the Family Trust Company Act, Ch.
In interpreting this language, the court recognized a Tennessee bankruptcy court's holding that a limited personal guaranty could fall under the exception under the Florida tenancy by the entireties
law being applied, (111) yet the court distinguished the Tennessee decision from the facts at bar on the grounds that the wife's guaranty in the present case was unlimited, determining that to include it within the exception would be too broad a "relinquishment of rights.
20) Part III considers the threshold issues of how and when a debtor receives the benefit of homestead to decide whether married debtors exempting a residence under the law of tenancy by the entireties
may also claim the $4,000 wildcard exemption.
The FRB failed to include the NACM request that Regulation B be clarified to add tenancy by the entireties
states to the provisions of the Act in order to eliminate inconsistent treatment.
Estate taxes were not apportioned to property passing to a surviving spouse under tenancy by the entireties
Begin with the checking and savings accounts (although a joint bank account and, in some states, real estate owned jointly or by tenancy by the entireties
are two major items that pass outside a will); certificates of deposit; stocks and bonds; money market and mutual funds; the face value of group and personal life-insurance policies; IRA and Keogh plans; interests in thrift accounts at work.
When the real or personal property is owned jointly by a husband and wife, there is virtually no difference between a joint tenancy with right of survivorship and a tenancy by the entireties
The tenancy by the entireties
principle, dating back prior to the Magna Carta in England, provides that the creditor of one spouse may not reach assets of both spouses that are held as tenants by the entireties.
Because married women could own property in their individual name, the original reason for the development of tenancy by the entireties
, that the wife lacked capacity to hold title, no longer existed.
A Florida Bar Journal article, "Are Florida Laws on Tenancy by the Entireties
in Personalty as Clear as We Think?
925 M Savings Compared to Tenancy by the Entireties
075(5)(a)(5) presumed a gift was established when a tenancy by the entireties
was created as regards to real property, the statute created no such presumption in so far as personal property was concerned.