Example 1: The principal residence of Walt and Vera Young is titled as joint tenants with right of survivorship
But because they are a same-sex married couple and because Florida is a 'non-recognition state,' if they want the title to the property to contain a survivorship element (and they do), they are required to take title as 'joint tenants with right of survivorship
citizens with all their assets titled as joint tenants with right of survivorship
, and their net worth is $10 million.
This article examines the effects of owning property as tenants by the entirety, tenants in common, joint tenants with right of survivorship
, and with life estates.
For federal estate tax purposes, joint tenancy with right of survivorship
does not necessarily prevent all or any of the property from inclusion in the federal gross estate upon the death of a joint owner.
Another form of co-ownership of property is a joint tenancy with right of survivorship
William Biggers and Linda Crook, brother and sister, inherited a piece of real property upon the death of their mother, taking the property as joint tenants with right of survivorship
Property owned jointly with right of survivorship
passes to the survivor or survivors by operation of law when a joint tenant dies.
ERTA amended the definition of a qualified joint interest under IRC section 2040(b)(2) to include any interest in property held by the decedent and the decedent's spouse as either tenants by the entirety or joint tenants with right of survivorship
If property is held with another person in joint ownership with right of survivorship
, the property will pass to the survivor by operation of law and not through the will; the jointly held asset never forms part of the first joint owner's estate.
Property owned as joint tenants with right of survivorship
is not treated the same and one tenant's interest in such property generally may be reached by his or her creditors, perhaps through partition of the debtor's interest.
One of the most troubling areas in estate planning is the treatment of property owned as joint tenancy with right of survivorship
(JTWROS) and tenancy by the entirety.