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Financial Planning Competency Handbook, 2nd Edition by CFP Board

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CHAPTER 61 Characteristics and Consequences of Property Titling

Andrew Head, MA, CFP®

Western Kentucky University

Sharon A. Burns, PhD, CPA (Inactive)

CONNECTIONS DIAGRAM

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Property titling can affect many areas of the financial planning process. With respect to education planning, the titling of property may have financial aid consequences for the student. Care must be taken in insurance planning to ensure that the right property is covered and that the appropriate people are listed as beneficiaries depending on the type of contract involved. Certain property titling options carry with them ramifications for investment management, especially when the investment is owned by more than one party. Property titling determines who is responsible for income and estate tax liabilities. Finally, property titling is a key element of the estate planning process as these decisions significantly impact the ability to manage assets during incapacity as well as how they are to be distributed at the death of the owner.

INTRODUCTION

A property’s title indicates ownership. Ownership of a property implies income and distribution rights. Therefore, the title of a property affects how income is assigned and how a property may be distributed at death. Both of these factors will affect who enjoys the benefits of retirement and estate plans.

Most countries allow individual residents to own property ...

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