Use tenancy to take title Aug 25, 2008
Question: I must decide how to take title to our California house: joint tenancy or community property with rights of survivorship ... The key difference between joint tenancy and tenancy by the entirety is if you own property as tenants by the entirety, both spouses must agree before the property becomes subject to one spouse's creditors. (AZCentral -- Business)
More Unmarried Couples Buying Homes Aug 9, 2008
Experts recommend that each buyer have a will stating that their share of the property goes to the surviving owner upon his or her death, but they also should consider including joint tenancy with the right of survivorship in the deed. They also must understand that obtaining a mortgage requires full financial disclosure, meaning that their past credit histories will be out in the open. (Realtor Magazine Online)
My mom wants to snub my sister in her will Jun 24, 2008
According to Mr. Wagner, one of the ways around this is joint tenancy, which means having your mom make you a partner in her assets, like her house or bank account ... Also, your sister could take you to court, saying that your mother was coerced into the joint tenancy by you or that she wasn't in the proper state to make that decision. (Globe and Mail)
County confronted with property tax cap Jun 11, 2008
Sugar Island resident John Willis produced a print out on joint tenancy transfers citing a specific court case Moshier v. Whitewater Township which indicates a December 2007 Michigan Court of Appeals ruling may re-establish the property tax cap in certain situations. Since Proposal A took effect in 1994, property owners have enjoyed a cap on their tax bills. (Sault Ste Marie Evening News, MI)
The law overrides a father's intentions Jun 10, 2008
Then there is joint tenancy or joint tenancy with the right of survivorship. In other words, the manner in which the individuals own property determines their rights to sell or will their interests or to terminate their joint ownership. (Pittsburgh Post-Gazette, PA)
The drawbacks of jointly-owned assets May 15, 2008
The term joint ownership is used to loosely describe one of two common legal relationships: Tenants in common, or joint tenancy with right of survivorship (JTWROS). Tenants in common owners each hold separate ownership interests that can generally be sold or transferred without the consent of the other owners. (Globe and Mail -- Business)
Joint Ownership: Proceed with Equal Parts of Creativity and Caution Apr 8, 2008
Invest time understanding the pros and cons, similarities and differences, of the two types of joint ownership: tenancy in common and joint tenancy ... Selling an interest in your current home dictates that ownership must be taken as tenants in common since joint tenancy may only be created under very specific circumstances ... Under joint tenancy, co-owners do not have the right held under tenancy in common to bequeath property in a will. (RealtyTimes)
Ins, Outs Of Equity Sharing Mar 5, 2008
Title to the home can be held in a variety of ways -- joint tenancy with right of survivorship, tenancy in common, partnership or as a living trust. Equity sharing deals should be legal and binding contracts designed to provide an equitable means to an end. (RealtyTimes)
Two basic ways to divide up property Feb 20, 2008
On the other hand, in a joint tenancy, multiple parties have essentially one ownership interest in real property ... Georgia law provides that specific terms must be included if a grantor of property intends to convey the property to the grantees in joint tenancy, such as "joint tenants," "joint tenants and not as tenants in common," "joint tenants with survivorship," or there must be some other mention that they acquire the property "jointly with survivorship.". (Atlanta Journal-Constitution)
Friends get on the ladder Feb 11, 2008
When more than one person wants to buy a property, they can choose to own it either in a joint proprietorship or joint tenancy, or in a tenancy in common. Married couples are typically joint proprietors. (Sydney Morning Herald -- Entertainment)
Leaving Salford Jan 4, 2008
I had what amounted to joint tenancy with a gang of local boys who had taken up part-time residence on my porch and front steps, probably dating from the 18-month period the house had been empty before I bought it. The next-door neighbours advised me not to call the police on them; other people on the street told me that when they had done so, their tyres had been slashed. (Guardian Unlimited)
Marsha Kay Seff: How assets are affected by Medi-Cal Oct 14, 2007
If it's in joint tenancy, the state can collect up to an amount equal to the Medi-Cal recipient's share. Even if the property is in a living trust, it is subject to an estate claim, according to California Advocates for Nursing Home Reform, known as CANHR.. (San Diego Union-Tribune)
Lender pays 'yield spread premium' Oct 13, 2007
Q: What is joint tenancy. A: An equal, undivided ownership interest in a piece of property by two or more people, each of whom has the right automatically to assume title to the property upon the death of the other(s). (Atlanta Journal-Constitution)
Things to know when making your will Oct 6, 2007
- Ascertain ownership sole, joint tenancy, tenants in common, payable on death, etc. - Assets with beneficiary designations, owned in joint tenancy or payable on death (P.O.D.) are not probate assets and not generally covered by the will. (Kewanee Star Courier, IL)
How To Move In With A Partner: Part Two Oct 6, 2007
Bear in mind, however, that if you take out a joint tenancy, you will each be individually responsible for paying the entire rent. So if you pay your usual share but your partner doesn't pay the rest, the landlord can pursue both of you for the remaining sum owed. (Sky News)
Tax bites can vary in sale of home; 3 issues to know Sep 30, 2007
In particular, homes titled as joint tenancy likely won't qualify for a double step-up in basis, even in community-property states, McCabe warns. (That's a good reason to retitle the property. (AZCentral -- Business)
Marriage and money -- unfamiliar territory Jun 25, 2007
By comparison, if property is held in joint tenancy -- another option for married as well as unmarried couples who own property together -- when the first owner dies, only his or her half is stepped up to the date-of-death value. Although domestic partners won't get the full step up in basis when one dies, there could be other, more complex tax reasons for them to own assets as community property, Hertz says. (San Francisco Chronicle)
What's new in IHT planning for spouses and the family home? By Nichola Ross Martin Apr 20, 2007
For example, if you have a couple who happen to own a house worth 600,000, then it makes sense for the first to die to leave their half of the home (as a tenant in common, as this is not possible with a joint tenancy) to named persons such as the children and pass their remaining assets to the surviving spouse tax free ... A couple of years later they severed the joint tenancy to become tenants in common. (Accounting Web, UK)
The Council's position to sell the land at below market price to the condo owners, rather than re-negotiating a lease is a very bad deal for the City. Transparency, please! More... Mar 7, 2007
Defeating the 3% wrote on March 06, 2007 7:52 AM:"If the owners transfer the property to a trust the beat the 3%. If they transfer to a corporation they defeat the trust. What about operation of joint tenancy, does that defeat the 3%. How well thought out is this scheme. Sounds like Corky at Liberty STation in San Diego, Corky made millions, City gets nothing.". Kim wrote on March 06, 2007 9:28 AM:"Some people on the Oceanside city council flunked math 101, investments 101 and government 101!... (North County Times)
Ex-husband wills away half of home Feb 10, 2007
But before the divorce papers were finalized, without my mother's knowledge he changed his title to the house from joint tenancy with right of survivorship to tenants in common ... Can a joint tenancy title be changed without permission of the other joint tenant, and is my mother entitled to all or half of the property ... For simplicity, I presume the house is not in a state allowing a married couple to hold title as tenants by the entireties (a special form of joint tenancy that cannot be... (Charlotte.com, NC -- Living)
Property transfers Feb 3, 2007
Charles Allen, Hester Allen, Joseph Allen Jr. and Luana Tanner to Carl and Rita Pacunas, joint tenancy deed, Lots 13-14 and Lots 1-2 in Block 17 in North Addition, Princeton, 80,000 ... Rita Hallman to Haley and Matthew Lind, joint tenancy deed, part of Lot 19 in Walnut, 50,000 ... James Arnold and Roger Sessions to Christy and Michael Condon, Lynda and William Seevers, and Amy and Wade Wetlaufer, joint tenancy deed, Lots 1-2 in Wolfer Industrial Park Phase 4, Spring Valley, 196,000. (Princeton Bureau County Republican, IL)
Nontraditional families: Seek counsel on assets Jan 22, 2007
Federal estate tax law provides an unlimited estate tax exclusion for assets that are bequeathed or transferred at death to a surviving spouse by joint tenancy. Assets transferred to non-spouse beneficiaries may be subject to estate taxation if the amount exceeds the current exemption ($2 million in 2007). (Seacoast New Hampshire)
Ask George & Chuck: Questions from Consumers Nov 14, 2006
Married couples also can use this form of co-ownership, but more often choose joint tenancy or tenancy by the entirety. Joint Tenancy with Right of Survivorship: Any two (or more) people can own property-typically real estate or a bank account-in joint tenancy with rights of survivorship ... A joint tenant cannot use a will to leave his or her share of joint tenancy property to someone else. (RealtyTimes)
Co-owner Investing Requires Solid Exit Strategy Nov 3, 2006
As you are looking to find a partner/co-owner of a real estate property, keep in mind that the way such a joint-ownership takes title differs than the way a married couple would take title -- usually joint tenancy. In joint tenancy, when one owner dies, the deceased person's interest in the property passes on to the other title holder ... Joint tenancy is the way most married couples hold title. (RealtyTimes)
How to Hold Title Oct 27, 2006
Consider the case of one of our distraught readers whose significant other had placed both their names on the title in Joint Tenancy more than three years ago. Just a few months later, the relationship went south, and the significant other wanted to switch everything back the way it was before the Joint Tenancy agreement ... Though joint tenancy is the most popular form of title used among married couples, it doesn't mean that the ownership title is for only two people. (RealtyTimes)
Talking does not create obligation Oct 21, 2006
Depending on the state where the house is located, you should consider joint tenancy with right of survivorship, tenancy by the entireties, community property, and especially in second marriages, tenants in common. The legal consequences of each title method are vastly different. (Charlotte.com, NC -- Living)
Business briefs Oct 7, 2006
Guest speaker will be Charles L. Hoffman Jr. The seminar will focus on changes to estate tax laws, the pros and cons of living trusts, wills and joint tenancy and other estate issues. The seminar is free, but guests are asked to reserve a seat by calling (850) 969-7985 by Monday. (Pensacola News Journal)
Housing Counsel: Prenuptial Deed Sep 11, 2006
Although there are a few states in this county that permit an uneven percentage ownership in a joint tenancy arrangement, the great majority of states require that such title be held on an equal 50-50 basis. While it is not absolutely necessary, it is recommended that if persons hold title as joint tenants, the deed should read: X and Y, as joint tenants with rights of survivorship. (RealtyTimes)
Tax may be owed on gifts from estate Sep 3, 2006
A: You have participated in what has been referred to as "the working man's estate plan." That is, using joint tenancy to bypass probate. However, you are not the intended beneficiary, but a fiduciary for the eventual beneficiaries. (Orlando Sentinel -- Business)
Canadians Should Ask, "Is My Will Safe?" Aug 22, 2006
Vancouver-based Clark Wilson LLP provided a recent BC Supreme Court case, Andersson v. Khan, in their newsletter Your Estate Matters, to illustrate how the demonstrated intent to destroy may override a copy of a will: "... Dr. Khan, made a will in 1982 under which one of his sons was a beneficiary. Subsequent to making the will, Dr. Khan and his wife transferred title to their home into joint tenancy with the son. [Under joint tenancy, ownership automatically transfers to surviving owners.] A... (RealtyTimes)
In this market, go full service Aug 12, 2006
Title is held in joint tenancy with right of survivorship ... Joint tenancy with right of survivorship is fine as long as all three names are on the title. (Charlotte.com, NC -- Living)
Preparing for richer or poorer Aug 11, 2006
Similarly, if either you or your spouse already owned a home before marrying, you'll want to add your spouse's name to the title, making it a joint tenancy with right of survivorship or tenancy by the entirety. That way, if something should happen, the property would automatically pass to your spouse without the hassle of probate court, which settles estates, and often is time-consuming and expensive. (Sun-Sentinel.com)
CCAP curse? Some say court access Web site leads to discrimination Jul 30, 2006
JT Joint tenancy: No longer available for use ... PR Probate: Formal probate (in which issues are contested and a deceased person s estate is supervised by the court) and such other probate-related actions as the summary settlement of small estates, the termination of joint tenancy, etc. (La Crosse Tribune, WI)
Many lending fees are bunk Jul 29, 2006
Q. Upon the advice of our attorney, my wife and I (now ages 72 and 75) added the name of our mentally challenged daughter to our free-and-clear home title in joint tenancy with right of survivorship. She lives with us and has been a real blessing, as she helps with the cooking and housekeeping. (Charlotte.com, NC -- Living)
Housing Counsel: Who is on Title to Inherited Property? Jul 24, 2006
Unlike a tenant by the entirety arrangement, a joint tenancy can be broken by either party unilaterally. Title then becomes as tenants in common. (RealtyTimes)
Fleeing The Taxman May 20, 2006
"Donovan sold his properties, which he'd owned since the early and mid-1990s, for $2.8 million. Then he looked at his prospective tax bill--a combined 22% state and federal rate on his $2.2 million profit--and panicked. The answer: a faddishly popular investment tactic that allows a seller like Donovan to defer taxes by rolling over proceeds from the sale of investment real estate into a fractional stake in another piece of property. "It's amazing to see the length that people will go to not pay... (Forbes)
Not easy to get daughter off title May 6, 2006
The deed should include the method of holding title, such as joint tenancy with right of survivorship ... When title is held in joint tenancy, after a joint tenant dies, all that is required in most states is for the survivor to record a certified copy of the death certificate and an affidavit of survivorship. (Charlotte.com, NC -- Living)
Should co-owners split tax deductions? Mar 4, 2006
He is on the title as joint tenancy with right of survivorship. We share expenses and will share the profit upon selling. (Charlotte.com, NC -- Living)
From office blocks to shops: the smarter way into property Feb 11, 2006
Phil Wagstaff, a managing director at New Star, says, "This allows investors to diversify their ISA portfolios to include direct commercial property, a key asset class. It rebalances an obvious inequity -- favourable tax treatment in cash, equities and bonds, but not property. Routes into residential property Chancellor Gordon Brown's U-turn on allowing residential property to be held within self invested pension plans (Sipps) disappointed many, but residential property funds still offer a way... (The Independent, UK)
The tax impact of reverse mortgage? Jan 14, 2006
Q. I own a house in joint tenancy ... Is there any way I can use my share of the joint tenancy property to get out of debt by borrowing on my share ... Would that break up the joint tenancy. (Charlotte.com, NC -- Living)
