Running head: PROPERTY ISSUES
Case Study II
Tammi L. Foster
Martin came to me (his attorney) because he has encountered a multitude of legal problems. I would like to start with an encouraging scripture. In James 1:2-4 (King James Version), the bible states: "Count it all joy, my brothers, when you meet trials of various kinds, for you know that the testing of your faith produces steadfastness". Now let us deal with the legal issues, we will discuss each one separately. The property that Martin shared with his three friends Peter, John, and Thomas is called a joint tenants right of survivorship law. This law is ownership in where all parties joined equally are immediately allocated to the remaining owners if one of them dies. In Martin’s case, all of the three other owners have passed away leaving him the only living partner. The problem is Peter one of the owners left in his will the interest in his property to his son Andrew. Andrew took out a personal loan against the property using it as collateral. He neglected on the loan and the lenders initiated legal actions to foreclose the property. To settle this matter, I need to find out if the other two owners agreed to this. If so we a have Gift tax to file. A gift tax is when a person gives their title to an individual other than a spouse. The next step for Martin would be file papers to get the legal interest held by the tenant passed to the remaining joint tenants without having to undergo a probate. A probate can be expensive and time-consuming. With Martin already facing several financial issues, I will pursue the other to save money as well as keep the personal affairs private because all documents of a probate are of public records. Now let’s deal with the mountain property and Otis taken up dwelling there. Otis has been living on the property for 20 years. Martin is dealing with an adverse possession...
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