Perils and pitfalls of joint property and real planning solutions jeffrey g marsocci esq on amazoncom free shipping on qualifying offers joint property can destroy your estate the perils and pitfalls of joint property and real planning solutions. Traps and pitfalls of joint ownership tax disadvantages if a person transfers property by retitling it in joint names the transfer may result in a gift and then depending on the value of the gift it may be a reportable taxable gift for example a person who retitles real property by adding a joint owner as joint tenants with rights . Avoid the pitfalls of joint property ownership many people approach estate planning with a simple solution they place the name of a trusted adult child on their bank accounts and sometimes even on the title to their homes. Joint property is often perceived to be easy to set up since it can be done at the bank when opening an account or with a title company and or a closing attorney when buying real estate but joint ownership can also cause unintended consequences and complications. Legally the ownership is joint tenants with right of survivorship meaning that upon the death of one joint tenant the surviving joint tenant becomes the sole owner of the property if there is
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