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<DIV style="FONT-SIZE: 12pt; FONT-FAMILY: 'Calibri'; COLOR: #000000">
<DIV>I hear BOA is really good on these issues. Just ask a teller.
</DIV>
<DIV
style='FONT-SIZE: small; TEXT-DECORATION: none; FONT-FAMILY: "Calibri"; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; DISPLAY: inline'>
<DIV style="FONT: 10pt tahoma">
<DIV> </DIV>
<DIV style="BACKGROUND: #f5f5f5">
<DIV style="font-color: black"><B>From:</B> <A title=sam@furgasons.com
href="mailto:sam@furgasons.com">Sam Furgason</A> </DIV>
<DIV><B>Sent:</B> Wednesday, April 29, 2015 3:38 PM</DIV>
<DIV><B>To:</B> <A title=wsbapt@lists.wsbarppt.com
href="mailto:wsbapt@lists.wsbarppt.com">'WSBA Probate & Trust Listserv'</A>
</DIV>
<DIV><B>Subject:</B> Re: [WSBAPT] Title question</DIV></DIV></DIV>
<DIV> </DIV></DIV>
<DIV
style='FONT-SIZE: small; TEXT-DECORATION: none; FONT-FAMILY: "Calibri"; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; DISPLAY: inline'>
<DIV class=WordSection1>
<P class=MsoNormal><FONT size=3 face=Calibri><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Calibri",sans-serif'>Lisa, I believe it to
be four joint tenants. <o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT size=3 face=Calibri><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Calibri",sans-serif'><o:p></o:p></SPAN></FONT> </P>
<P class=MsoNormal><FONT size=3 face=Calibri><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Calibri",sans-serif'>“</SPAN></FONT><A
title="This means to have an identical interest in property with another person.
"
href="http://thelawdictionary.org/unity-of-interest/">Unity of interest</A>, <A
title=" The detention and control, or the manual or ideal custody, of any- thing which may be the subject of property, for one's use and [...]"
href="http://thelawdictionary.org/possession/">possession</A>, time, title.
Joint-tenancy agreement's legal <A
title="1. Any demands, constraints, needs, necessities needed to be met. 2. Marketing. Standard of benefit, timeliness, cost and value of the product as seen by [...]"
href="http://thelawdictionary.org/requirements/">requirements</A>. (1) Unity of
interest is the requirement that in duration<SPAN
style="BACKGROUND: yellow; mso-highlight: yellow">, extent, and nature, all
joint-tenants must have the same interest</SPAN> . (2) <A
title="where a property is held jointly and both people own the whole property.
"
href="http://thelawdictionary.org/unity-of-possession/">Unity of possession</A>
is the requirement that no joint-tenant shall have exclusive possession of the
whole property; that <SPAN
style="BACKGROUND: yellow; mso-highlight: yellow">each joint-tenant
simultaneously with other joint-tenants must have undivided share of the
property</SPAN>. (3) Unity of time is the requirement that at the same time and
for the same period, all joint-tenants must vest. (4) <SPAN
style="BACKGROUND: yellow; mso-highlight: yellow">Unity of title is the
requirement that in this single <A
title="A written document; a formal or legal document in writing, such as a contract, deed, will, bond, or lease. State v. Phillips, 157 Ind. 4S1, [...]"
href="http://thelawdictionary.org/instrument/">instrument</A>, all joint-tenants
must have equal property title.</SPAN>” <FONT color=black><SPAN
style="COLOR: black"><BR>Law Dictionary: <A
href="http://thelawdictionary.org/four-unities/#ixzz3YjpotX52"><FONT
color=#003399><SPAN style="COLOR: #003399">What is FOUR UNITIES? definition of
FOUR UNITIES (Black's Law Dictionary)</SPAN></FONT></A>
<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT color=black size=3 face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt; COLOR: black"><o:p></o:p></SPAN></FONT> </P>
<P class=MsoNormal><FONT size=3 face=Calibri><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Calibri",sans-serif'>Irrespective of
whether one could argue for the treatment of a marital community as a single
entity for JTWROS purposes (which I question), the deed does not specify the
marital communities as grantees, but just the individuals, so there are four
JTs. <o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT size=3 face=Calibri><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Calibri",sans-serif'><o:p></o:p></SPAN></FONT> </P>
<P class=MsoNormal><FONT size=3 face=Calibri><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Calibri",sans-serif'>I suggest the use of
a trust, for the following reasons:<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT size=3 face=Calibri><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Calibri",sans-serif'><o:p></o:p></SPAN></FONT> </P>
<P class=MsoNormal><FONT size=3 face=Calibri><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Calibri",sans-serif'>First, the common law
concept of JTWROS requires that if one joint tenant dies, the remaining JTs hold
equal interests. </SPAN></FONT><FONT color=black><SPAN style="COLOR: black">That
means that upon the first death, the others hold 1/3 interests, so if the child
dies, the parents and son-in-law hold the property as JTWROS, perhaps not the
intended result if the son-in-law remarries. <o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT size=3 face=Calibri><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Calibri",sans-serif'><o:p></o:p></SPAN></FONT> </P>
<P class=MsoNormal><FONT color=black size=3 face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt; COLOR: black">Next, the joint ownership exposes the
property to the others’ creditors. So if the son-in-law incurs debt in a bad
business deal, the property is an asset which can be the subject of a forced
sale. (This response infers from your post that the parents are the property
owners or purchasers. If the purchase was a joint endeavor – as when parents
help a child with a home purchase – it may be inapposite.)
<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT color=black size=3 face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt; COLOR: black">
<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT color=black size=3 face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt; COLOR: black">Finally, contingency planning becomes
available. By using a trust, for example, one can provide that the child’s
interest in the property will pass to her children if she fails to survive the
parents. Other issues can also be addressed, such as a continuing trust if the
grandchildren are below a certain age. If bypassing probate is an objective, use
of a trust would also do that. <o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT color=black size=3 face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt; COLOR: black"><o:p></o:p></SPAN></FONT> </P>
<P class=MsoNormal><FONT color=black size=3 face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt; COLOR: black">Transferring the property into a trust
would “break” the joint tenancy. You will need to give thought to the gift tax
issues caused by creation of the JTWROS, and, since breaking the joint tenancy
will re-adjust rights in the property, whether additional gift tax issues arise.
Since creation of the JTWROS appears to have been an agreed upon transaction,
and the parties all seem to have accepted the property as such, it is probably
not possible to avoid gift issues with a disclaimer. There is also the title
insurance issue, which would require either a new policy or possibly an
endorsement. <o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT color=black size=3 face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt; COLOR: black"><o:p></o:p></SPAN></FONT> </P>
<P class=MsoNormal><FONT color=black size=3 face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt; COLOR: black">S </SPAN></FONT><FONT
face=Calibri><SPAN
style='FONT-FAMILY: "Calibri",sans-serif'><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT size=3 face=Calibri><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Calibri",sans-serif'><o:p></o:p></SPAN></FONT> </P>
<DIV>
<DIV
style="BORDER-TOP: #e1e1e1 1pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 3pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
<P class=MsoNormal><B><FONT size=2 face=Calibri><SPAN
style='FONT-SIZE: 11pt; FONT-FAMILY: "Calibri",sans-serif; FONT-WEIGHT: bold'>From:</SPAN></FONT></B><FONT
size=2 face=Calibri><SPAN
style='FONT-SIZE: 11pt; FONT-FAMILY: "Calibri",sans-serif'>
wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com]
<B><SPAN style="FONT-WEIGHT: bold">On Behalf Of </SPAN></B>Lisa
Schuchman<BR><B><SPAN style="FONT-WEIGHT: bold">Sent:</SPAN></B> Wednesday,
April 29, 2015 2:12 PM<BR><B><SPAN style="FONT-WEIGHT: bold">To:</SPAN></B> WSBA
Probate & Trust Listserv<BR><B><SPAN
style="FONT-WEIGHT: bold">Subject:</SPAN></B> Re: [WSBAPT] Title
question<o:p></o:p></SPAN></FONT></P></DIV></DIV>
<P class=MsoNormal><FONT size=3 face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></FONT> </P>
<P class=MsoNormal><FONT size=3 face=Garamond><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif'>They are trying to devise
an estate plan that takes into account the value of both parents’ remaining
share of the property when dividing their joint estate between their two
children (the co-owner daughter and another child). If there are two joint
tenants, the parental share is more clearly fixed and doesn’t depend on their
daughter surviving her husband. It is a small parcel of property and they
might just let it be, but I told them I’d look into
it.<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT size=3 face=Garamond><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif'><o:p></o:p></SPAN></FONT> </P>
<P class=MsoNormal><FONT color=black size=3 face=Garamond><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif; COLOR: black'>Lisa E.
Schuchman<BR>206-325-2801<BR><A href="http://www.lisaschuchman.com/"
target=_blank>www.lisaschuchman.com</A><BR><BR>I prefer an excess of caricature
to an excess of censorship. -Nicolas Sarkozy<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT color=black size=3 face=Garamond><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif; COLOR: black'> </SPAN></FONT><FONT
face=Calibri><SPAN
style='FONT-FAMILY: "Calibri",sans-serif'><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT color=black size=3 face=Garamond><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif; COLOR: black'>NOTE: I do
not use encrypted email. Messages sent to or from my office via email are
not secure and may not be protected by attorney-client privilege. This email
address is not monitored at all times. If your matter is urgent, please
phone my office during regular business hours.
<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT size=3 face=Calibri><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Calibri",sans-serif'><o:p></o:p></SPAN></FONT> </P>
<P class=MsoNormal><FONT color=black size=3 face=Garamond><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif; COLOR: black'>Any tax
advice included in this document and its attachments was not intended or written
to be used, and it cannot be used, for the purpose of avoiding penalties under
the Internal Revenue Code.</SPAN></FONT><FONT face=Calibri><SPAN
style='FONT-FAMILY: "Calibri",sans-serif'><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT color=green size=6 face=Webdings><SPAN
style="FONT-SIZE: 24pt; FONT-FAMILY: webdings; COLOR: green">P</SPAN></FONT><FONT
color=green size=2 face="Arial Narrow"><SPAN
style='FONT-SIZE: 10pt; FONT-FAMILY: "Arial Narrow",sans-serif; COLOR: green'>
</SPAN></FONT><B><FONT color=#008100 size=1 face=Arial><SPAN
style='FONT-SIZE: 7.5pt; FONT-FAMILY: "Arial",sans-serif; FONT-WEIGHT: bold; COLOR: #008100'>Please
consider the trees before printing this document</SPAN></FONT></B><FONT
face=Calibri><SPAN
style='FONT-FAMILY: "Calibri",sans-serif'><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal><FONT size=3 face=Garamond><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif'><o:p></o:p></SPAN></FONT> </P>
<DIV>
<DIV>
<DIV>
<DIV>
<DIV>
<DIV
style="BORDER-TOP: #e1e1e1 1pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 3pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
<P class=MsoNormal
style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><B><FONT size=3
face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt; FONT-WEIGHT: bold">From:</SPAN></FONT></B> <A
href="mailto:wsbapt-bounces@lists.wsbarppt.com"
target=_blank>wsbapt-bounces@lists.wsbarppt.com</A> [mailto:<A
href="mailto:wsbapt-bounces@lists.wsbarppt.com"
target=_blank>wsbapt-bounces@lists.wsbarppt.com</A>] <B><SPAN
style="FONT-WEIGHT: bold">On Behalf Of </SPAN></B>Lisa Schuchman<BR><B><SPAN
style="FONT-WEIGHT: bold">Sent:</SPAN></B> Wednesday, April 29, 2015 1:06
PM<BR><B><SPAN style="FONT-WEIGHT: bold">To:</SPAN></B> WSBA Probate & Trust
Listserv<BR><B><SPAN style="FONT-WEIGHT: bold">Subject:</SPAN></B> [WSBAPT]
Title question<o:p></o:p></P></DIV></DIV>
<P class=MsoNormal
style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><FONT size=3
face="Times New Roman"><SPAN style="FONT-SIZE: 12pt"> </SPAN></FONT><FONT
face=Garamond><SPAN style='FONT-FAMILY: "Garamond",serif'>My clients, a married
couple, took title to property with their daughter and her husband. Here
is how the deed describes the grantees:</SPAN></FONT><o:p></o:p></P>
<P class=MsoNormal
style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><FONT size=3
face=Garamond><SPAN style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif'>“Jane
Doe and John Doe, wife and husband, and Alice Smith and Bob Smith, wife and
husband, as joint tenants with right of
survivorship.”</SPAN></FONT><o:p></o:p></P>
<P class=MsoNormal
style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><FONT size=3
face=Garamond><SPAN style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif'>Do we
think this is two joint tenants (two couples) or four (four individuals)?
If four, how can we describe it so it is two?</SPAN></FONT><o:p></o:p></P>
<P class=MsoNormal
style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><FONT size=3
face=Garamond><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif'>Thanks.</SPAN></FONT><o:p></o:p></P>
<P class=MsoNormal
style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><FONT size=3
face=Garamond><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif'> </SPAN></FONT><o:p></o:p></P>
<P class=MsoNormal
style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><FONT color=black
size=3 face=Garamond><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif; COLOR: black'>Lisa E.
Schuchman<BR><A href="tel:206-325-2801" target=_blank>206-325-2801</A><BR><A
href="http://www.lisaschuchman.com/"
target=_blank>www.lisaschuchman.com</A><BR><BR>I prefer an excess of caricature
to an excess of censorship. -Nicolas Sarkozy</SPAN></FONT><o:p></o:p></P>
<P class=MsoNormal
style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><FONT color=black
size=3 face=Garamond><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif; COLOR: black'> </SPAN></FONT><o:p></o:p></P>
<P class=MsoNormal
style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><FONT color=black
size=3 face=Garamond><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif; COLOR: black'>NOTE: I do
not use encrypted email. Messages sent to or from my office via email are
not secure and may not be protected by attorney-client privilege. This email
address is not monitored at all times. If your matter is urgent, please
phone my office during regular business hours.
</SPAN></FONT><o:p></o:p></P>
<P class=MsoNormal
style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><FONT size=3
face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt"> <o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal
style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><FONT color=black
size=3 face=Garamond><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Garamond",serif; COLOR: black'>Any tax
advice included in this document and its attachments was not intended or written
to be used, and it cannot be used, for the purpose of avoiding penalties under
the Internal Revenue Code.</SPAN></FONT><o:p></o:p></P>
<P class=MsoNormal
style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><FONT color=green
size=6 face=Webdings><SPAN
style="FONT-SIZE: 24pt; FONT-FAMILY: webdings; COLOR: green">P</SPAN></FONT><FONT
color=green size=2 face="Arial Narrow"><SPAN
style='FONT-SIZE: 10pt; FONT-FAMILY: "Arial Narrow",sans-serif; COLOR: green'>
</SPAN></FONT><B><FONT color=#008100 size=1 face=Arial><SPAN
style='FONT-SIZE: 7.5pt; FONT-FAMILY: "Arial",sans-serif; FONT-WEIGHT: bold; COLOR: #008100'>Please
consider the trees before printing this
document</SPAN></FONT></B><o:p></o:p></P>
<P class=MsoNormal
style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><FONT size=3
face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt"> <o:p></o:p></SPAN></FONT></P></DIV></DIV>
<P class=MsoNormal><FONT size=3 face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt"><BR>_______________________________________________<BR>WSBAPT
mailing list<BR><A
href="mailto:WSBAPT@lists.wsbarppt.com">WSBAPT@lists.wsbarppt.com</A><BR><A
href="http://mailman.fsr.com/mailman/listinfo/wsbapt"
target=_blank>http://mailman.fsr.com/mailman/listinfo/wsbapt</A><o:p></o:p></SPAN></FONT></P></DIV>
<P class=MsoNormal><FONT size=3 face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt"><BR><BR clear=all><o:p></o:p></SPAN></FONT></P>
<DIV>
<P class=MsoNormal><FONT size=3 face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></FONT> </P></DIV>
<P class=MsoNormal><FONT size=3 face="Times New Roman"><SPAN
style="FONT-SIZE: 12pt">-- <o:p></o:p></SPAN></FONT></P>
<DIV>
<DIV>
<P class=MsoNormal><FONT size=3 face=Arial><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Arial",sans-serif'>Katharine P.
Bauer</SPAN></FONT><o:p></o:p></P>
<DIV>
<P class=MsoNormal><FONT size=3 face=Arial><SPAN
style='FONT-SIZE: 12pt; FONT-FAMILY: "Arial",sans-serif'>Bauer Pitman Lifetime
Legal, PLLC<BR>1235 Fourth Ave. East, Suite 200<BR>Olympia, Washington
98501<BR>tel. 360.754.1976<BR>fax. 360.943.4427</SPAN></FONT><o:p></o:p></P>
<DIV>
<P><FONT color=black size=2 face="Times New Roman"><SPAN
style="FONT-SIZE: 10pt; COLOR: black">e-mail</SPAN></FONT><FONT color=blue
size=2><SPAN style="FONT-SIZE: 10pt; COLOR: blue">: </SPAN></FONT><FONT
color=navy><SPAN style="COLOR: navy"><A
title="mailto:kpb@bpblegal.com
mailto:katharinebauer@bjorgenbauer.com"
href="mailto:kpb@bpblegal.com" target=_blank><FONT size=2><SPAN
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