Property Held in Joint Tenancy
Property which is held in joint tenancy with rights of survivorship is property held by more than one owner at the same time. All property owners who hold title to a property in this way have equal control over the property and equal rights to use the property. If one of the property owners dies, the other property owner, or owners, owns the property without any transfer of title.
Sharing Joint Tenancy with Your Children
It is common for spouses to hold property as joint tenants with rights of survivorship. It can also be a smart strategy to hold property with one of more of your children as joint tenants with rights of survivorship. That allows your child to take control and title to the property without probate and without any additional transfer of ownership. Before you decide to change any type of ownership though, you should consult an experienced estate planning attorney to fully understand the risks involved in sharing control and title of property, and the potential gift tax issues associated with such a transfer.
Getting Legal Help
Elga Goodman has been helping families strategically plan their estates and their property ownership for many years. Contact us today at 973-841-5111 to learn more.
Posted in: Estate Planning, New York Estate Planning