tarzana: Joint Tenancy or Community Property with Right of Survivorship
- 08/19/08 03:53 AM
I met with Michael Wolff, mortgage broker, yesterday and we started talking about deeds. As an estate planning attorney, I see many people take title to their homes as Joint Tenants. From an estate planning perspective, the benefit of taking title as joint tenants is that, when one spouse dies, the surviving spouse automatically owns the property, so probate court is avoided. However, the surviving spouse is then unable to take advantage of the law of a double step up in basis for property held as community property once he or she sells the house. The result may be a capital … (0 comments)
I met with Michael Wolff, mortgage broker, yesterday and we started talking about deeds. As an estate planning attorney, I see many people take title to their homes as Joint Tenants. From an estate planning perspective, the benefit of taking title as joint tenants is that, when one spouse dies, the surviving spouse automatically owns the property, so probate court is avoided. However, the surviving spouse is then unable to take advantage of the law of a double step up in basis for property held as community property once he or she sells the house. The result may be a capital … (0 comments)
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