Joint Tenancy

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Joint Tenancy

joint tenancy

A short version of the term “joint tenants with right of survivorship.”A method of taking title to real property;commonly used by husbands and wives,or by others,as an estate planning tool.The parties each own a fractional share and,at the same time,own the whole of the property.If a joint tenant dies,the others do not inherit that tenant's share,but simply see the removal of an obstacle in the way of taking everything.This is a subtle point,but it is the heart of the estate planning tool—no one inherits anything as a result of the death of the other joint tenant(s).As a result, the property does not pass through probate and cannot be used to satisfy claims against the estate of the decedent. However,

• The property may be includable in one owner's estate for purposes of calculating estate taxes. The rules are different depending on whether the parties were married or not.

• A joint tenancy may be destroyed if one owner transfers his or her interest to a third party. If that happens, the new owner becomes a tenant in common, not a joint tenant. If there were originally more than two joint tenants, the remaining ones may still be joint tenants as to each other's interest.

Joint Tenancy

A form of joint ownership under which two or more individuals own property. Each tenant has an undivided interest in the entire property. On the death of one of the owners, the survivors become the owner of the entire property. persons. Also see "Tenancy by the Entireties" and "Tenancy in Common."
References in periodicals archive ?
recognized joint tenancies even when one of the unities is missing.
states revived the right of survivorship in joint tenancies.
It is axiomatic that with spousal joint tenancies, one-half of the date of death value of the property is included in the estate of the first spouse to die.
An exception also was included in the proposed regulations for joint tenancies between spouses created on or after July 14, 1988, where the donee spouse was not a United States citizen.
Pursuant to IRC Section 2040(b) joint tenancies between husband and wife are treated as if equally contributed to by both spouses.
The Service's new position opens the door to postmortem estate planning in situations in which joint tenancies with right of survivorship or tenancies by the entirety would otherwise have undesirable estate tax consequences.

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