What Does Community and Marital Property Mean In Estate Planning?

What Does Community and Marital Property Mean In Estate Planning?

A legal distinction at the state level which says that property acquired during a marriage is owned equally by both spouses.  South Dakota is not a community property state, but does allow the option of setting up a community property trust.

Example Of Community Property and Marital Property In Regards To Estate Planning

My parents are residents of California, which is a community property state. So even though my dad purchased a rental property in South Dakota in his name, my mom automatically owns half of the property and half of the income or debts that go along with it.

Kelley Scrocca, LLM
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