Dow Jones-Irwin Guide to Property Ownership
Financial planning, tax planning, and estate planning are becoming more intricate and complicated all the time. Schulman, an attorney who specializes in trust, probate, financial planning, and taxes, points out many of the questions one must consider in order to minimize estate taxes. A reasonable degree of comfort, income, and wealth is presumed for those needing this advice.
The definition of property used, from BLACK’S LAW DICTIONARY, is all-encompassing. In addition to tangible assets, such as real estate or personal goods, it includes intangibles such as securities, as well as some less frequently considered forms of property such as rights in a pension, a professional degree, or a license to a well-paying occupation.
The book is arranged in life-cycle stages: single persons, marriage, divorce, subsequent marriages, parents and their adult children, owning a business, and other special circumstances. Each chapter highlights some of the major questions encountered at a given stage, as well as the relative advantages and disadvantages of some of the common solutions. These include joint tenancy, tenancy-in-common, trusts of several kinds, other property agreements, and differing forms of business incorporation.
No pat answers are provided. Rather, Schulman’s intent is to point out the appropriate questions when seeking specific advice. In this she succeeds admirably. Because state law varies considerably from one...
(The entire section is 291 words.)
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