Question: Identify three ways that separate property may be owned and maintained as separate property by a married couple who resides in a community-property state.

1. In analyzing a client’s current and potential alternative courses of action, provide a minimum of four and maximum of eight questions needing to be asked and answered.

2. What is a tenancy in common?

3. Explain what happens at the death of a tenant in common.

4. How can a tenancy in common be partitioned?

5. What is the meaning of tenancy by the entirety?

6. What is joint tenancy with right of survivorship?

7. Can a joint tenancy be partitioned? Explain your response.

8. What is community property?

9. Identify three ways that separate property may be owned and maintained as separate property by a married couple who resides in a community-property state.

10. Explain what happens at the death of the first spouse when property is held as community property.

11. How can a married couple convert their community property into separate property?

12. What, if any, are the implications of community property interests when a married couple relocated from a community-property state to a common law state?

13. Describe the profile of a client for whom the nonfinancial goals of estate planning might be more important than the financial goals.

14. Describe the profile of a client for whom the financial goals of estate planning might be as important if not more important than the nonfinancial goals.

15. Practitioners of estate planning believe that the income tax and estate tax planning goals can often be in conflict. Describe an example of such a conflict.

16. Mary Mogul has a chain of successful dry cleaning establishments co-owned with her brother Martin. While residing in New York State, she has a personal shore home in New Jersey. She comes to you for estate planning advice. What might be two common mistakes to be avoided?

8 points

17. Ron and Susan were married 15 years ago. They have lived in California, a community property state, since their marriage and Ron does not work outside the home. You discovered the following facts:
18. Susan has always deposited her salary and other income in a separate bank account solely in her own name and transferred funds to a household account in both her and Ron's names.
19. Seven years ago, they purchased a home with funds from Susan's account.
20. Last year, Ron inherited a stock portfolio from his mother; he has kept the portfolio in his name only.
21. Ron owned an antique car prior to his marriage to Susan; he still has the title to the car.
22. Two years ago, they purchased a recreational vehicle with funds from the household account; they executed a marital agreement that the vehicle should not be considered community property and took the title JTWROS (joint tenants with rights of survivorship).
23. Two years ago, Susan's uncle gave her some raw land.

Identify the assets that will be considered community property. Explain your response.

Anderson Case Study

18. In the Anderson Case Study, given the addiction issues of Dan Anderson, why would providing fee simple ownership of any of Dan’s inheritance be unwise? Describe a technique providing Dan with only a beneficial interest and how it would be appropriate.

Write at least one-half page (double-spaced) and cite and reference the textbook (as seen on the last page of the assignment) or add any other resources used.