Legal Question in Wills and Trusts in New Jersey

Re: JT w/ROS

While naming your daughter in the Deed will avoid probate, I agree with Ron that there are risks involved, but these can be minimized by indicating percentage of initial ownership in the Deed, such as husband (50%), wife (49%) and daughter (1%). You also might consider taking title in something like a LLC, if this is not going to be your primary residence. A LLC Agreement can define responsibilities, rights, what happens to ownership if there are future liabilities (buy-out for a nominal cost, etc.). There are also tax ramifications to be considered, income and estate taxes, that might come into play also. These matters should be discussed with your tax advisor and/or an estate attorney.

Re: JT w/ROS

It is generally a bad idea to buy a time-share. Period.

Re: JT w/ROS

This is a really BAD IDEA. If your daughter has credit issues or a judgment, it can apply as a lien against the property. Also, if she gets married, you will have to deal with her spouse.

You should call your estate tax attorney to help you properly plan your estate including the proper way of titling this property.

I hope this helps!

Ron Cappuccio

http://www.saveyourestate.com