Reginald Rich owns a parcel of commercial real estate worth $500,000. He has an estate valued at $5 million. He has a son, age 25, by his first marriage and two daughters by his present wife. Mr. Rich would like to see his son receive the real estate but does not want his present wife and daughters to cause a scene over the property being given to his son or left in his will. He knows his wife will check the records and will want to see his will when it is written. What substitute can Mr. Rich use most appropriately to achieve his objective?
- Joint tenancy with right of survivorship with son
- Tenancy in common with the son
- Deed in sole ownership to son, not recorded but delivered to an agent
- Revocable trust with power of appointment reserved in his will