A Deed is a legal instrument used to convey an interest in real estate. While the general format of each deed is similar, specific words within the document dictate the type and extent of the property interest being transferred. Types of deeds include:

Tenants by the entirety deed, which is a special form of ownership between spouses. Both spouses must sign any conveyance or encumbrance against the property. In addition, the property is shielded from attachment by creditors of only one spouse. 

Tenants in severalty deed, which is a deed used to transfer ownership from both spouses to an individual spouse. A tenancy in severalty deed is often prepared as part of a divorce action, for estate planning purposes, or in the event one spouse requires long-term care in a nursing home.

Tenants in common deed, which is a deed where two or more individuals own separate interests in a property. Upon the death of one co-owner, his or her share passes through probate and is distributed to the beneficiaries of that co-owner’s estate.

Joint tenancy deed, which is a deed where two or more individuals own the property together as a unit. Upon the death of a joint tenant, his or her interest in the property will pass to the surviving joint tenant or tenants.

Life estate deed, in which an individual retains ownership of the property during his or her lifetime, but designates another individual to receive the property at the first owner’s death. A life estate deed can avoid the need for the property to pass through probate, which can save family members time and expenses. A life estate deed can also be used to protect property in the event that an individual requires long-term care in a nursing home.

It is important to (1) chose the correct type of deed, so as to minimize any income and transfer taxes, and (2) prepare the deed properly, so as to accomplish the result intended and avoid long-term problems relating to the title of the property.

Planning for a family-owned or small business involves a number of considerations, ranging from the initial steps in establishing the business to issues related to succession planning. Having decided to create a new company, individuals must choose the type of entity (i.e., sole proprietorship, limited liability company, stock or close corporation, or professional association), which will allow the business to achieve its goals, including flexibility, profitability, and growth.

Consideration also must be given to the various elections affecting the new entity’s tax status, which has become increasingly important in light of the recent revisions to the corporate tax code.

An attorney can assist business owners in the following ways: 

Choosing the type of business entity which will best serve the needs of the new business, while also minimizing the taxes paid by the entity and the owners.

Preparing the legal documents required to establish a new business, such as Articles of Organization or Incorporation, operating and shareholders’ agreement, and buy-sell agreements for stock and membership exchanges. 

Coordinating efforts with the business’ accountant or tax advisor to ensure tax filings are prepared correctly, and to minimize taxes and fees paid by the business. 

If the business owns or deals in real estate matters, an attorney can assist in preparing deeds and related documents of transfer for filing with the local jurisdiction’s land records office. 

Finally, an attorney can be instrumental in providing advice and documents to ensure the orderly transition of ownership upon the death, disability, or retirement of a business owner