Country Lifestyles
Is Joint Tenancy a Good Estate Plan?
By Dal Houston
Recently I had a meeting with a client regarding his estate plan, and his primary question was whether he could use joint tenancy to avoid probate and/or the costs of preparing a trust.
As an estate attorney for the past 25 years, I have seen numerous estates handled by re-titling assets in joint tenancy, and many were administered without any problem and minimal costs; however, I have also seen as many estates run off the rails as a result of using joint tenancy.
First, before delving into the subject, I don’t have a major objection to using joint tenancy between spouses, as long as the joint tenancy implements the parties’ intentions and is the most advantageous to the client. Accordingly, most of this article is focused on using joint tenancy, with the client’s children or other intended beneficiaries.
In looking at this question, the first thing to do is clarify what the term “joint tenancy” means.
The term joint tenancy has significant legal meaning; in short, it means that upon the death of the first person, their interest is immediately vested in the survivor(s). For example, if a father and son own real estate together as joint tenants, upon the first death the property is immediately vested in the survivor.
To read more, pick up a copy of the January 2024 issue of NTFR magazine. To subscribe by mail, call 940-872-5922.
By Dal Houston
I am terribly saddened by all the argumentative discourse that seems to be going on in today’s world. It seems as though it is no longer enough just to disagree on certain issues. We are expected to classify someone as an enemy if they do not always agree with us on all issues, lest we be considered weak.
To make things even worse, because those who disagree with you are now considered enemies, the sentiment seems to be that it is only fair and proper to destroy them, because they are the enemy, again with the fear of ridicule for being weak if we do not fight.
With all that said, and seemingly unrelated, I am a big John Wayne fan. From watching him dive into his role as a cowboy, to marveling at his time portraying a soldier or appreciating his acting gig as a sailor, there is seldom a week that goes by without me watching at least one
To read more, pick up a copy of the April issue of NTFR magazine. To subscribe by mail, call 940-872-5922.
By Martha Crump
That old adage, “What you don’t know won’t hurt you.,” may have some basis in truth when applied to minor situations. However, when what you don’t know is presented in the form of a “Trojan Horse” and is what amounts to an incredible attempt to fleece American property rights, it becomes a different story altogether.
To put this unbelievable tale together, we need to step back to Joe Biden’s 2021 Executive Order which pledged commitment to help restore balance on public lands and waters, to create jobs, and to provide a path to align the management of America’s public lands and waters with our nation’s climate, conservation, and clean energy goals.
To read more, pick up a copy of the April issue of NTFR magazine. To subscribe by mail, call 940-872-5922.
By Lacey Vilhauer
Ingredients:
1 whole lemon, seeded and roughly chopped
2 cups sugar
2 pounds strawberries, hulled
Juice of 1 to 2 lemons
¼ cup water
Directions:
Place the chopped lemon and sugar in a food processor and pulse until combined. Transfer to a large bowl. Puree the strawberries in a food processor and add to the lemon mixture along with juice of one lemon and water. Taste and add more juice as desired.
To read more, pick up a copy of the April issue of NTFR magazine. To subscribe by mail, call 940-872-5922.
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