Using Tenancy by the Entirety to Protect Your Assets Collierville TN

Tenancy by the entirety is a property issue that is commonly used for married couples and in some cases, legally registered domestic partners. In a few states around the U.S, tenancy by the entirety does offer some solace to people who want to protect their assets.

Craig P. B. Raysor
(901) 854-9704
1163 Halle Park Cir.
Collierville, TN
Specialties
Agriculture, Commercial, Life Science & Biotech, Administrative Law, Government
Education
Roger Williams University, Ralph R. Papitto School of Law,University of Arkansas, Fayetteville, Lefl
State Licensing
Tennessee

William Leo Hagan III
(901) 853-0921
380 NEW BYHALIA RD
COLLIERVILLE, TN
Specialties
Personal Injury, Criminal Defense, Employment, Business, Family
Education
University of Memphis,University of Memphis - Cecil C. Humphreys School of Law
State Licensing
Tennessee

Lisa Ann Schiffman
(901) 434-8584
Fedex Express, Btg - Legal, 3620 Hacks Cross Road, Bldg. B, 3rd Fl.
Memphis, TN
Specialties
Business, Real Estate
Education
Southern Methodist University
State Licensing
Texas

William Allan Cohn
(901) 757-5557
291 GERMANTOWN BEND CV
CORDOVA, TN
Specialties
General Practice, Personal Injury, Bankruptcy, Business, Criminal Defense
Education
University of Tennessee College of Law
State Licensing
Tennessee

Michael E Goldstein
(901) 682-1455
6060 POPLAR AVE STE 450
MEMPHIS, TN
Specialties
Real Estate, Litigation, Bankruptcy, Estate Planning, Business
Education
Vanderbilt University School of Law,Vanderbilt University
State Licensing
Tennessee

Kevin Glenn Patterson
(901) 853-0921
380 NEW BYHALIA RD
COLLIERVILLE, TN
Specialties
Personal Injury, Criminal Defense, Workers Compensation, Estate Planning, Business
Education
University of Memphis,University of Memphis - Cecil C. Humphreys School of Law
State Licensing
Tennessee

Mitzi Conar Johnson
185 North Main Street, Suite 102
Collierville, TN
Specialties
Family, Criminal Defense, Corporate, Debt Collection, Probate
Education
University of Tennessee, Chattanooga,Memphis State University School of Law
State Licensing
Arkansas, Tennessee

Robert R. Ross
(901) 434-8369
3620 Hacks Cross Rd, Bldg B--2nd Floor
Memphis, TN
Specialties
Business
Education
University of Arkansas: Fayet
State Licensing
Texas

Jerry Ronald Givens
(901) 757-5557
291 GERMANTOWN BEND CV
CORDOVA, TN
Specialties
General Practice, Personal Injury, Bankruptcy, Business, Criminal Defense
Education
University of Tennessee College of Law
State Licensing
Tennessee

Jeffrey Escar Thompson
(901) 522-9000
6410 POPLAR AVE STE 1000
MEMPHIS, TN
Specialties
Estate Planning, Business, Tax
Education
University of Tennessee College of Law,University of Tennessee
State Licensing
Tennessee

Using Tenancy by the Entirety to Protect Your Assets

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Debt Relief Topics- Tenancy by the Entirety

Property ownership is a complicated matter and there are many different things to consider. Tenancy by the entirety is a property issue that is commonly used for married couples and in some cases, legally registered domestic partners. In a few states around the U.S, tenancy by the entirety does offer some solace to people who want to protect their assets. The law gives rights to the entire property to BOTH spouses. If one person files bankruptcy, the home is protected by the other person's name being on the loan. However, if both names are on the bankruptcy, the home is then liquidated as it would be in states without this provision. Tenancy can apply to judgment liens, other types of property, and all other forms of debt except for IRS debts.

States with Tenancy by the Entirety for Real Estate ONLY

Alaska
Illinois
Indiana
Kentucky
Michigan
New York
North Carolina
Oregon

States with Full Tenancy by the Entirety Status:

Alaska
Arkansas
Delaware
District of Columbia
Florida
Hawaii
Maryland
Massachusetts
Mississippi
Missouri
New Jersey
Oklahoma
Pennsylvania
Rhode Island
Tennessee
Vermont
Virginia
Wyoming

However, there are some disadvantages to tenancy by the entirety. For instance, a spouse with a large accumulation of personal debt inherits property by means of tenancy by the entirety. That inherited property may be subject to debt collection. It may offer less protection to vest the property in this manner if one member of the marriage has extensive personal debt, particularly if it is certain that the non-indebted spouse will not outlive the indebted spouse. An alternative method for protecting property in circumstances such as this may be done granting use, but not ownership, of the property by way of a trust agreement.

 

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