(23) While the term "
tenancy by the entirety" developed much later, the courts treated property owned by married couples differently from other cotenancies.
They argue that the husband and wife no longer hold a unified title to the estate as a whole, and the
tenancy by the entirety is destroyed.
Consider the
tenancy by the entirety. (133) The structure
Joint tenancy and
tenancy by the entirety differ in fundamental respects, Goltermann notes.
Like all property owners who meet the technical requirements, (167) married debtors who own real property as a
tenancy by the entirety may claim a constitutional homestead exemption.
as to the types of assets that may be held in
tenancy by the entirety,
By law,
tenancy by the entirety can exist only between married persons.
Moy was selected for his article entitled, "Joint Ownership of Property: Two's Company, But Is Three a Crowd?" His article dealt with a troubling area in estate planning - the treatment of property owned as joint tenancy with the right of survivorship (JTWROS) and
tenancy by the entirety. This area becomes more troublesome when three-way JTWROS ownership of property is involved in the gross estate of a decedent spouse.
Property that is excluded includes that held in joint tenancy with right of survivorship, or
tenancy by the entirety, your spouse's one half of the community property, property held in a living trust and life insurance and retirement plan proceeds.
Jointly titled assets of married individuals: Field Service Advice 199932019 holds that 100% of the FMV of any assets held in
tenancy by the entirety (and 100% of related debt, if any) is included in the measurement of insolvency when one spouse is calculating insolvency for COD income on a debt for which the other (solvent or insolvent) spouse is not liable.
It was questionable at common law whether a joint tenancy with right of survivorship or a
tenancy by the entirety could be created by a conveyance from the owner to the owner and another.
Conversely, a disclaimer of a survivorship interest in a
tenancy by the entirety filed after death will not be qualified under applicable state law because the survivor is treated as acquiring the survivorship interest at the time the property was acquired and placed in the
tenancy by the entirety, rather than at the death of the first tenant, (IRS Letter Ruling 9427003).