eNewsletter
THE ALLEGORY
December 2011
GOOD PLANS CAN GO WRONG – UNINTENDED CONSEQUENCES
Janice, a widow, put all of her property, including her house, into joint ownership with her married son. She did this thinking that, when she died, her property would automatically go to her son without the need for probate. Several years later, her son and his wife separated and Janice decided to sell her house so she could move in with her son. But she soon discovered she could not sell it without her daughter-in-law’s signature on the deed.
The daughter-in-law was still legally married to her son and was entitled by law to a “marital interest” in the property. The title company would not insure clear title to the buyer without the daughter-in-law’s signature because it wasn’t clear what her “interest” would be – and she refused to sign unless she got part of the money when the house was sold. Janice was stuck – she didn’t know that joint ownership with a married person can include that person’s spouse. And because Janice had placed her house in joint ownership, she lost control of her own house
JUST FOR LAUGHS
Children’s Pastor: What character would you like to be from the Christmas Story?
Sally (age 8): Mary.
Children’s Pastor: Sally, why do you want to be Mary?
Sally: I want to know what it’s like to be a virgin!
END OF YEAR PLANNING
At the end of the year we like to come alongside tax advisors to support their end of the year planning for their clients. Now is the time to talk to your clients about protecting their assets. Attached is a list of tax beneficial transactions that we can provide to assist CPA/Financial Planner/Tax clients before the end of the year.
Transactional
Corporations
Limited Partnerships (including Family Limited Partnerships)
Limited Liability Partnerships
Limited Liability Companies
Joint Ventures
Corporate Minutes
By-Laws
Operation Agreements Areas of Litigation
Buy/Sell Agreements Employment
Mergers Bankruptcy
Acquisitions Real Estate
Corporate Conversions Mortgage
Asset Protection Corporate
International Corporate Planning Probate
Charitable Planning Tax Controversies
Charitable Trusts Federal White Collar Crime
Cafeteria Plans Trust
Commercial Real Estate Transactions Intellectual Property
Residential Real Estate Transactions Appeals
Revocable Living Trust
Irrevocable Life Insurance Trusts
Grantor Retained Annuity Trusts
Grantor Retained Uni-Trusts
Employment Contracts
Trademarks
Copyrights
Benefit Structuring (qualified and non-qualified)
Audit Appeals
Tax Court Filings
Private Letter Rulings
Capital Gains Deferment
Probate Administration
Trust Administration
Post Foreclosure Deficiency Protection
Non-Profit
Medi-Cal Planning
Stilwell & Associates wishes you a very Merry Christmas and Happy New Year!!!
4669 Murphy Canyon Road, #200
San Diego, CA 92123
858-715-3900
www.StilwellAssociates.net
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author. Nothing in this newsletter is intended to create an attorney/client relationship or to give legal advice. Stilwell & Associates, Inc. and all of the contributors herein specifically disclaim any attorney/client relationship or liability for the information in this article.
