3. When would you recommend using an individual account, a joint tenancy with right of survivorship...

3. When would you recommend using an individual account, a joint tenancy with right of survivorship account, and a tenancy by the entirety account for your monetary assets?

7. Have you ever had a disagreement with a friend or family member over a money is-sue? How might you communicate differently now?

both questions please

Expert Solution

3. Solution: Recommendation of individual account- Individual account are owned by an individual whose primary motive is to save the amount for his future,or an investor who deposits his/her gains in the business.

Recommendation of joint tenancy with right of survivorship account- joint tenancy with right of survivorship account is a type of account which is owned by minimum two people,whereas the rights for the assets in the account will be equally divided and when a partner dies ,the other receives all the money.This account is preferred for business partners and couples with no dispute in relationship,because if the couple applies for divorce no loan will be released for such account.

Recommendation of tenancy by the entirety account- Tenancy by the entirety account is a type of concurrent estate in real property that occurs when the owners are married to each other,both will have equal rights on that account.So,if anyone dies the right of the account will be transferred to the other.The status of ownership of account will changes in the event after divorce ,this time tenancy by the entirety will be terminated.Hence,tenancy by the entirety account is preferred only for married couples.

7. Solution: I had an argument with my business partner over money issue, so after few days we ended up by reviewing up our partnership agreement and incorporation papers,so after knowing what is included in the paper we sorted our issue.So until this day we used to have a talk only on business views and i recommend you to have a neutral third party to assist you with the communication and to find any acceptable resolution to solve the issue.I prefer to consult a business psychologist or a neutral friend to resolve your issue.

jeff jeffy answered 5 months ago

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