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.