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Strategies & Market Trends : From the Trading Desk

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To: Mike Devour who wrote (4358)	3/22/1999 11:01:00 AM
From: JDN	Read Replies (1) of 4969

Dear Mike: You should see if Michigan has something called "Joint Tenants by the Entireties". We have that in Florida. What it means is EACH tenant owns 100% of the asset. Can only be done between spouses. Home ownership in Fla. is always done that way if its jointly held by a spouse, but you can specify that for other types of assets. The advantage as I understand it (I am not an attorney) is that should one of the spouses get sued the asset is unavailable to creditors unless BOTH spouses can be sued together. Very valuable if you are in Professions. In our case my wife is a nurse and I was a CPA. Not similar occupations so unlikely we could be jointly sued in our professions. With "Joint tenants by rights of Survivorship" or whatever you call it I think each tenant owns 50% and gets the other 50% if someone dies. The drawback it that 50% of the asset may be available to creditors in a lawsuit. Again, consult your own attorney on all this. JDN

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