Host: Why is a joint ownership the best way to plan?
William Conway: The problem to an ownership is that we do not control it very well and if we do not control it very well, bad things can happen. For example, the person who has passed away maybe survived by a person who him or to herself is incapacitated at the moment in time that they received the property. Then we are into a problem of once again, who is going to control that property, who is going to direct to whom it goes, who is going to pay the bills.
We also have some issues in terms of being able to direct property for purposes of taxation. Joint Tenant Rights of Survivorship does not help us in trying to provide the least amount of money to go to the Federal Government in the form of taxes and other means. Finally, joint tenancy does not allow us to direct the property in a fashion that allows the assets to be as a protect for the beneficiary that we would like to give it to.