ESTATE PLANNING INSIGHTS By Ethan R. Okura
Back in December of 2009, my father, Sanford K. Okura, wrote an excellent article titled “Tenants by the Entirety.” It explained the pros and cons of holding property as “tenants by the entirety” as opposed to holding them in revocable trust(s). At the time, tenants by the entirety protection was only available for property owned directly by married couples or registered reciprocal beneficiaries.
The main benefit of owning property as tenants by the entirety is to protect your assets from lawsuits. Even if a creditor wins a lawsuit against one spouse or reciprocal beneficiary, the property is protected from the creditor. The creditor must have a claim and win a lawsuit against both spouses or reciprocal beneficiaries in order to take the property away from the couple or reciprocal beneficiaries.
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