2nd - Announcement and Lecture-2nd week 1 There will be a quiz on the first two weeks material next week Study hard Types of Property Interests We

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Announcement and Lecture-2nd week 1. There will be a quiz on the first two weeks material next week. Study hard! Types of Property Interests We are still mastering the basic jargon of estate and financial planning. Might as well start memorizing these terms as soon as possible as they will constantly pop up in real life situations. Any one of you who has had real estate experience will have some exposure already to these terms, but this will vary by state. For instance there is no such thing as “tenancy by the entirety” in California as this is mainly a marital term, and we are governed by “community property” principles and terminology which obviate the need for terms like “tenancy by the entirety”. However, no matter what state you are in, the CFP exam will cover all these terms, so you need to know them. The importance of these terms is best illustrated in estate planning scenarios when someone must determine to whom the property passes. Let me give you an example. If property is held in joint tenancy with right of survivorship, the surviving joint
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This note was uploaded on 02/24/2010 for the course ACCOUNTING 578844 taught by Professor Mctosh during the Spring '10 term at UCLA.

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