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LEGAL CONSEQUENCES OF VARIOUS FORMS OF OWNERSHIP |
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|
FORM OF OWNERSHIP |
SubjecT to Probate |
Subject to Federal Estate Tax |
Control during your lifetime |
CAN PASS BY WILL |
Subject to CREDITR claims before death |
Subject to creditr claims after death |
When CAN HEIRS Receive | |
|
Asset solely owned |
Yes |
All |
Full |
Yes |
Yes |
Yes |
Delayed | |
|
Asset owned jointly by spouses |
No |
One-half |
Divided |
No1 |
Yes |
No2 |
Immediate1 | |
|
Asset owned jointly by others |
No1 |
All3 |
Divided |
No1 |
Yes |
No1 |
Immediate1 | |
|
Assets in bank account (Totten) trust |
No |
All |
Full |
No |
Yes |
No |
Immediate | |
|
Assets in custodial account for minors |
No |
None4 |
None |
No |
No |
No |
Immediate | |
|
Life insurance owned by insured |
No6 |
All |
Full |
No6 |
No |
No6 |
Immediate | |
|
Life Insurance Owned by other than insured |
No6 |
None8 |
None |
No |
No |
No6 |
Immediate | |
|
Life insurance payable to deceased's estate |
Yes |
All |
Full |
Yes |
Yes7 |
Yes9 |
Delayed | |
|
Assets in a revocable living trust |
No |
All |
Full |
No |
Yes |
No |
Immediate5 | |
|
Assets in an irrevocable living trust |
No |
None |
None |
No |
No |
No |
Immediate5 | |
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