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 ?
Smith bought Series EE bonds as joint tenants for $20,000.
As with the funds at issue in Medley, the funds in De Soto were still in the possession or under the direction of the withdrawing joint tenant.
The entire amount was treated by the personal representative of Emil's estate as passing to Ida, as joint tenant with right of survivorship and qualifying in full for the estate tax marital deduction pursuant to I.
A spouse's death affects the surviving spouse's basis in the principal residence, depending on whether the couple owned the home as community property, joint tenants (tenants by the entirety) or tenants in common.
2518-2(c)(4) would conform existing regulations to these court decisions, by allowing a surviving joint tenant to make a qualified disclaimer of his interest in the property within nine months of the death of the first tenant to die, provided that the joint tenancy may be unilaterally severed by either party.
When making the claims she said that Richard Gerrish was a joint tenant, that they were just friends sharing a house.
Also, an individual joint tenant can trade his or her interest in a tax-free Sec.
Magistrates heard Simpson had also submitted a housing benefit claim for a love-nest where "Boyfriend Two" was joint tenant.
The tenant next door is supposed to be the joint tenant with her son.
When one of the joint tenants dies, the surviving joint tenant will take the entire property.
By contrast, joint tenancy provides the surviving joint tenant with a date of death value basis only for the decedent's half interest in the jointly owned property.

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