tenancy by the entirety


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Related to tenancy by the entirety: Joint tenancy, tenancy in common

Tenancy by the Entirety

The joint ownership of a property with rights of survivorship. In other words, a property with tenancy by the entirety does not become part of a decedent's estate; rather, the other tenants continue to own the property. Couples may be tenants by entirety on a jointly-owned house, for example. Likewise, two business partners may be tenants by entirety on a business property: if two persons own an apartment complex and one of them dies, the whole of the complex belongs to the co-owner and not the decedent's heirs. It is important to note, however, that the decedent's liabilities may remain attached to this property and may be used to pay off creditors, even if the creditor had nothing to do with the property in question.

tenancy by the entirety

A type of asset ownership limited to married couples in which each spouse holds an equal share of the asset but neither may sell or give away an interest without the other's permission. If one spouse dies, the deceased's share automatically passes to the surviving spouse. Compare tenancy in common.
References in periodicals archive ?
The majority of states equalized the rights between husband and wife, while maintaining some form of tenancy by the entirety.
a tenancy by the entirety, but no other property rights may be
Wrote one, "It seems to me that the nature of trust beneficiary interests and the right of survivorship attendant to tenancy by the entirety are not compatible.
Once the unity of a joint tenancy or a tenancy by the entirety is severed, two equal sized shares are left, neither one of which is a majority interest.
The gift tax consequences associated with joint tenancy and tenancy by the entirety interests again depend upon how the joint tenancy is created (e.
Twenty-five states, including the District of Columbia, currently recognize the tenancy by the entirety as a form of ownership.
Often, the residence is held in joint tenancy or in a tenancy by the entirety, in which case the residence would not pass under the will but rather would pass to the remaining joint tenant under operation of law.
converting joint tenancy property to a tenancy by the entirety or placing property in trust for the benefit of third parties or the settlor).
Previously, a surviving joint tenant could disclaim an interest in a joint tenancy with right of survivorship or a tenancy by the entirety only if the tenancy was severable under local law.
2518-2(c)(4), to be a qualified disclaimer, a surviving joint tenant's disclaimer of both an interest passing to the joint tenant on the creation of the tenancy, and the survivorship interest in the joint tenancy or tenancy by the entirety, must be made within nine months after the transfer creating the tenancy.
Tenancy by the entirety interest had to be disclaimed within nine months of creation of interest, not at first tenant's death.
Estate taxes may not be apportioned to Virginia tenancies by the entirety In Reno,(73) at his death, the decedent left a probate estate of approximately $650,000 in the state of Kentucky and a personal residence and various checking accounts held with his wife in tenancy by the entirety in Virginia.