She and I were joint tenants with right of survivorship
. I never had the deed brought up-to-date, and I am unable to locate the deed.
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.
Are 'Joint Tenancy with Right of Survivorship
' and 'Community Property' the Same Thing?
Where the property is owned in joint tenancy with right of survivorship
, each joint tenant has an undivided interest in the entire property.
For example, Dad leaves a vacation home to his three children, Tom, Ann, and Rita, as joint tenants with right of survivorship
. Ann dies first.
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
. The parties agreed that Biggers would live on the property, maintain the home, and pay the taxes.
In general, property is owned outright, as tenants in common, as joint tenants with rights of survivorship, or as community property (in some states, such as California, including community property with right of survivorship
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
. It eliminated the requirement that a gift be created in order for the joint interest to qualify.
When you are the sole owner of assets and you "gift" these assets to family members by transferring the assets into joint ownership with right of survivorship
, a "deemed disposition" may result and the income tax attribution rules may come into play.
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.