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Ways to Take to Title in Arizona

Note: Arizona is a community property state. Property acquired by a husband and wife is presumed to be community property unless legally specified otherwise. Title may be held as “Sole and separate.” If a married person acquires title as sole and separate, his or her spouse must execute a disclaimer deed to avoid the presumption of community property. Parties may choose to hold title in the name of an entity, e.g., a corporation; a limited liability company; a partnership (general or limited); or a trust. Each method of taking title has certain significant legal and tax consequences. Therefore, you are encouraged to obtain advice from an attorney or other qualified professional.

COMMUNITY PROPERTY COMMUNITY PROPERTY WITH THE RIGHT OF JOINT TENANCY WITH THE RIGHT OF TENANCY IN COMMON
Requires a valid marriage between two persons. Requires a valid marriage between two persons. Parties need not be married; may be more than two joint tenants. Parties need not be married; may be more than two tenants in common.
Each spouse holds an undivided one-half interest in the estate. Each spouse holds an undivided one-half interest in the estate. Each joint tenant holds an equal and undivided interest in the estate, unity of interest. Each tenant in common holds an undivided fractional interest in the estate. Can bedisproportionate, e.g., 20% and 80%; 60% and 40%; 20%, 20%,
One spouse cannot partition the property by selling his or her interest. One spouse cannot partition the property by selling his or her interest. One joint tenant can partition the property by selling his or her joint interest. Each tenant share can be conveyed, mortgaged or devised to a third party.
Requires signatures of both spouses to convey or encumber. Requires signatures of both spouses to convey or encumber. Requires signatures of all joint tenants to convey or encumber the whole. Requires signatures of all tenants to convey or encumber the whole.
Each spouse can devise (will) one-half of the community property. Estate passes to the surviving spouse outside of probate. Estate passes to surviving joint tenants outside of probate. Upon death the tenant’s proportionate share passes to his or her heirs by will or
Upon death the estate of the decedent must be cleared through probate, affidavit or adjudication. No court action required to clear title upon the first death. No court action required to clear title upon the death of joint tenant(s). Upon death the estate of the decedent must be cleared through probate, affidavit or adjudication.
Both halves of the community property are entitled to a stepped up tax basis as of the date of death. Both halves of the community property are entitled to a stepped up tax basis as of the date of death. Deceased tenant(s) share is entitled to a stepped up tax basis as of the date of death. Each share has its own tax basis.

Contact: Lawyers Title Of Arizona for All Your Title Needs
Office: 623-979-6060  www.lawyerstitlearizona.com

 

The Shankman Team
Realizing Your Dream is Our Mission
with Global Reach 28451 N Vistancia Blvd, Suite D-103 Peoria, AZ 85383
623-444-7939

Search Like Bruce & Cynthia FLEXMLS_LOGO

The Shankman Team
Realizing Your Dream is Our Mission

with Global Reach

28451 N. Vistancia Blvd Suite D-103 Peoria AZ 85383

623-444-7939

Bruce Shankman
E-mail: Bruce@TheShankmanTeam.com

Cynthia Shankman
E-mail: Cynthia@TheShankmanTeam.com

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