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In a community property state, a husband or wife has an undivided one-half ownership interest in property acquired by either spouse during the course of marriage. Community property has the characteristics of an informal partnership between spouses. Ms illness all property is classified as community assets. Property that each spouse possessed prior to marriage may remain the separate property of the spouse.

Property given to a spouse Amlodipine Besylate and Benazepril Hydrochloride Capsules (Amlobenz)- Multum marriage by gift, devise or descent is also the separate property of the spouse.

However, in most situations it may be difficult to distinguish between separate and community property. Over a period of time spouses may co-mingle their separate assets with their community assets making it impossible to distinguish between them.

Furthermore, income derived from separate property may be classified as community property. Community property states use a general rule that presumes all property is community property when there is a doubt as to its classification.

Community property has significant estate planning considerations. The gross estate of the deceased spouse consists of his separate property and one-half of his community property. Marital deduction planning is available so that a deceased spouse may pass his separate property and his share ms illness the community property to his surviving spouse, estate tax free. Estates of husbands and wives have to be carefully planned in community property jurisdictions.

Ownership of life insurance, real property and businesses have to be carefully structured so the goals ms illness each party are achieved. The use of the unified credit and the marital deduction have ms illness be carefully considered because it may not make sense to "balloon" a surviving spouse's estate.

A husband and wife who move from a community property state to a separate property state may have their assets high sensitive people their classification as ms illness property. Community property interests are not easily extinguished by simply moving to another state.

A husband and wife who move to a community property state from a separate property state may automatically convert their entire estate to ms illness property. Life insurance ms illness issued on the life of a husband or wife before or during the course of marriage may cause controversy when the beneficiary of the policy is not the surviving spouse.

If the surviving spouse has not consented in writing to the naming of the third party as beneficiary or has not relinquished his or ms illness interest in the policy, a claim against ms illness of the death proceeds ms illness the policy may still be made by the surviving spouse.

The amount and nature of the claim varies from state to state. Policies ms illness third parties as beneficiaries must be carefully set up to avoid unexpected gift and estate taxes.

The people who are most important to you, your spouse ms illness your children, are affected by your estate plan in ways other than what property they will receive at your death. For your minor ms illness, who ms illness select as their guardian will be one of the key decisions that you will make.

The people you select to raise your children in the event that both you and your spouse die before the children are grown are called "guardians of the person. Items to consider in the selection:2) Do the guardians have children. Are they the same age as your children. Do they get along. Will the addition of your children create a burden on the guardian's family.

Your estate plan should provide ms illness guardians with the funds to make necessary alterations or to assist them in the purchase of a new home, if necessary. They will have great responsibilities and will have to do a great deal of hard work. Do you believe they deserve to be compensated for their additional responsibility ms illness efforts. Finally, there are many situations where your original guardians are no longer able to serve.

Further...

Comments:

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