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Frankenstein Deeds: the Creature that could save your Real Property

It’s Alive! Reborn in the lab of a mad law scientist is a creation that will shock and awe. It’s the Frankenstein Deed—a combination of two types of deeds to make one incredible estate planning tool. The Franky Deed is a combination of the tenants in common and joint tenants with right of survivorship to protect property and help qualify for benefits to pay for Long-term Care. 

Tenants in Common (TIC)

If you own property along with someone else other than your spouse, you will hold the property as tenants in common. As tenants in common, you have an undivided interest in the property. This means that you may own a one-half or one-third interest in the property, but you still have an equal right to use and occupy the property. This arrangement of ownership can break down to just about any proportion e.g., a common set up is one owner holding ninety-nine percent and the other owner holding one percent. 

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