Page 10 - Jupiter West - December '23

Page 10, Jupiter West
Beware Of Unequal Contributions When Purchasing A House

Submitted by Anné all areas of the property. They can also choose who receives For those who already own a house, how the property is
Desormier-Cartwright, Esq. their interest when they die; it does not automatically pass titled is no less important to their estate plan. Circumstances
At a time of record home to the other owner(s). change. The original title terms may no longer reflect a
unaffordability, more people • Joint tenants with right of survivorship. Under this person’s current priorities. While changing a joint tenancy
are teaming up with friends arrangement, each owner has an undivided interest in the may not always be possible or practical, at the very least, a
and relatives to realize the property. They own the property in equal shares and have person should know how a home title affects their property
home ownership dream. the right to use the property however they wish. The right of rights, the rights of any heirs, and tax obligations.
According to the National survivorship means that, when one of the joint owners dies, Get Your Estate Planning House In Order
Association of Realtors their property interest passes to the surviving joint owner(s). Choosing how to title a co-owned home, and how this
(NAR), more than 75 percent • Tenancy by the entirety. This title option works the choice fits into your estate plan, depends on the people and
of homes on the market now same way as joint tenants with right of survivorship but is property involved, your estate planning goals, and state
are too expensive for middle- only available to married couples in certain states. It also laws where the property is located. An estate planning
income buyers. Just five years ago, this same income group provides valuable creditor protection because property attorney from our office can explain the pros, cons, and
could afford half of all available homes. From 2010 to 2020, owned in this way is not subject to the creditors of just one consequences of each type of joint ownership to help you
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the number of homes bought by people with different last spouse (although it may be subject to the claims of a creditor decide which one best fits your situation.
names soared by more than 770 percent. This group includes of both spouses). Call or contact us today for help getting your estate
friends, roommates, and married couples. In 2021, the In states with community property, another type of joint planning house in order. Our phone number is (561)
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percentage of single-family homes purchased by nonmarried ownership for married couples, co-owned property can be 694-7827, Elder & Estate Planning Attorneys PA, 480
co-buyers was 25 percent, up from 17.4 percent in 2018. titled with the right of survivorship, but it is not the default Maplewood Drive, Suite 3, Jupiter, FL 33458.
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Purchasing a property with other people can help a buyer to and must be designated this way. The content of this article is general and should not be
lower their individual costs while building equity. However, Joint Ownership And Estate Planning relied upon without review of your specific circumstances
going in on a house together can also create trouble spots, Around 60 percent of Americans do not have a will, by competent legal counsel. Reliance on the information
including survivorship and inheritance issues. but the percentage without an estate plan is highest among herein is at your own risk, as it expresses no opinion by
A home is the largest single investment that most people Millennials (78 percent) and lower among Baby Boomers the firm on your specific circumstances or legal needs.
make. When buying a home with another person, the co- (58 percent). About two-thirds of Gen Xers do not have a An attorney client relationship is not created through the
owners must decide how to hold the title so that it aligns will, while more than 80 percent of those age 72 or older do information provided herein.
with their wealth-building and estate planning goals. have a will. 4 To comply with the U.S. Treasury regulations, we must
Co-Ownership And Home Titles One of the top reasons cited for failing to address estate inform you that (i) any U.S. federal tax advice contained
Co-buying a home with a partner, relative, or friend can planning is a lack of assets to leave to anyone. While this in this newsletter was not intended or written to be used,
reduce the costs of the down payment, mortgage payments, is often a myth – estate planning is advisable no matter and cannot be used, by any person for the purpose of
utilities, and other household expenses for each buyer, while how many assets a person has – buying a house instantly avoiding U.S. federal tax penalties that may be imposed
allowing them to build home equity. Some co-buyers may changes this calculus. on such person and (ii) each taxpayer should seek advice
not even want to live in the home. Their goal may be to rent For most people, a home is their greatest investment and from their tax advisor based on the taxpayer’s particular
it out or flip it for a profit. the primary driver of household wealth. Even if somebody circumstances.
Home co-ownership can present problems as well. If one co-owns a house, their investment in the property is likely
buyer has a bad credit score, it can negatively affect another to dwarf their other accounts and property. 1 U.S. Housing Market Needs More Than 300,000 Affordable
buyer’s mortgage terms. And if one party cannot meet their Deciding what to do with shares of a jointly-owned property Homes for Middle-Income Buyers, National Association of
financial obligations, the other party could be on the hook is a major estate planning consideration. And it begins at the Realtors (June 8, 2023), https://www.nar.realtor/newsroom/
for the budget shortfall. time a property is purchased and the title is issued. us-housing-market-needs-more-than-300000-affordable-
Typically, co-owners are not only listed together on the When co-buying a house, each owner should understand homes-for-middle-income-buyers.
mortgage loan, but on the home title. Having more than one how it is being titled and make sure the titling matches their 2 Zinhle Essamuah, Friends are buying homes together.
person on the title raises estate planning issues that may not estate planning wishes. For example, joint tenancy might Here’s why., NBC News (Dec. 16, 2021) https://www.
immediately arise but should be thought about. make sense for a married couple but be a poor choice for nbcnews.com/news/us-news/friends-are-buying-homes-
Property can be titled in different ways. Common ways friends or unmarried partners because they give up the right together-rcna9087.
of joint ownership titling include tenants in common, joint to leave the property to anyone other than the co-owner. 3 Ben Luthi, What You Should Know About Co-Owning a
tenants with right of survivorship, and tenants by the entirety. In the latter case, tenancy in common is likely a better House, (Dec. 10, 2021), U.S. News & World Report, https://
• Tenants in common. With this type of title, property option. Each tenant in common has the power to dispose money.usnews.com/loans/mortgages/articles/what-you-
shares may or may not be divided equally between owners. of their property interest however they choose – but only should-know-about-co-owning-a-house.
Each owner’s share might be equal to their investment in if they indicate their wishes in their estate plan. Otherwise, 4 Haven’t Done A Will Yet?, AARP (Feb. 24, 2017), https://
the property or the shares may be divided equally among the their share of the property passes according to state law www.aarp.org/money/investing/info-2017/half-of-adults-
owners. However, the co-owners still have equal rights to use when they die. do-not-have-wills.html.
Town Of Jupiter News

By Councilor Malise supported by the town, Palm Beach County with their parks pedestrian trails, and exercise equipment, depending
Sundstrom and recreational facilities, and Palm Beach County Schools upon resident input. The plan will be completed after a
Here in Jupiter we are with their athletic facilities. thorough evaluation of existing facilities; public input
so lucky to have such a The Town Council understands the importance of through community meetings, focus groups and surveys;
diverse park system with providing a quality recreational system for residents, where research on recreation trends and standards; evaluation
more than 20 active and every court, swing, slide, and trail echoes the spirit of our of the town’s comprehensive plan and levels of service
passive parks, as well as the community and small town feel. That is why, during the 2023 requirements; and input from elected officials, town staff,
Jupiter Community Center, strategic planning process, my colleagues and I identified the and key stakeholders.
North County Aquatic need to develop a master plan for the town’s aging indoor and Early next year, Miller Legg and town staff will begin
Complex, West Jupiter outdoor recreational facilities in support of both youth and outreach to Jupiter residents. We invite you to share your
Recreation Center, and more. adults. To achieve this goal, we recently approved a contract experiences with and ideas for the town’s recreational
Jupiter’s recreation needs are with Miller Legg to work with town staff and appropriate offerings and look forward to hearing from you!
partners to prepare this roadmap for the next 10 years that Watch the town’s website and social media sites for
Southern Exposure Technologies will include probable construction costs, renderings and announcements and more information as the master plan
Computer Install/Setup/Repair funding strategies for identified projects. project kicks off. As always, you can share your thoughts
with our council via email, at a Town Council meeting, or
This vision for parks and recreational offerings will
(561) 315-0144 focus on everything from athletic facilities to neighborhood at the next Connect with Council event at 9 a.m., Dec. 8 at
getsetgo.annie@gmail.com playgrounds, and possibly greenways, bicycle and Crux Coffee Roasters.
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* Networking, Troubleshooting
* Instruction
* Hardware/Software Installation
* Virus/Spyware/Adware Fix
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* Business Consult/Startup/Move
* Website Design/Maintenance
Call S.E.T. to install your “new computer, printer
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