Originally Posted by nightowle
Joint tenancy/right of survivorship
Does that work
when registering the boat
with the Fed's Documentation service
? For real estate, they have these deeds pre-printed for Joint Tenancy or Tenancy in Common etc but I'm not finding anything relating to boats. USCG tells me to contact an attorney but those with dry feet don't know marine
law. I was hoping to find examples or talk to other owners who figured this out.
I had most of my Dad's side of the family
pass in one year. I'd like to eliminate the estate drama by the smart application of beneficiary designations and titling options that allow the passing of ownership
The estate tax threshold is very high right now, so taxes
aren't really a consideration. What is even more expensive is if your family
needs to hire an attorney and open an estate to distribute your assets. That will cost more than any government
tax. If I am successful by being thorough with the designations of beneficiaries and titling, no estate will be necessary. A death certificate and a transfer form should do it in most cases.
Getting the documentation
on the boat correct will be important since there is a good chance that the boat will be in a foreign port at the time of my death. Taking ownership or even selling the boat will be easier if the title succession is recognized by the US documentation service