DEAR BENNY: I live in Iowa while my sister and her husband live in Florida. We want to buy a home together in Florida. They will pay for 50 percent of the home and I will pay for 50 percent. We will all be listed on the deed. What is the best way to hold title to the property? It is our intent that should any of the parties involved die, anyone left should have a right to live there for the balance of their life. What is the best way to designate how the property transfers upon the death of the last party involved? --Mickey

DEAR MICKEY: I don't practice law in Florida, so my answer has to be general in nature. You should consult with an attorney who practices in that state. Oversimplified, I recommend that title be held as follows: sister and her husband as tenants by the entirety as to half of the property and as tenants in common with you as to your half.

This way, if you die first, your last will and testament will provide guidance as to how you want your half to be distributed. You could make your sister and her husband the beneficiaries, or you could decide to give your share to a third party. If either your sister or her husband dies first, the survivor of that marriage will own the entire half.

As for allowing the last surviving party to remain in the house, under my approach that last survivor will still own half of the property, and will thus be allowed to remain in the house until death.

Benny L. Kass is a practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. Questions for this column can be submitted to benny@inman.com.