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Joint tenancy is usually a poor estate planning choice when a person, seeking only to avoid probate, is tempted to put solely owned property into joint tenancy with someone else.  Many times a parent will put their child’s name on the deed to the parent’s house without realizing the parent has created several potential headaches:
 

• You're giving away property. If you make someone else a joint tenant of property that you now own yourself, you give up half ownership of the property. The new owner has rights that you can't take back. For example, the new owner can sell or mortgage his or her share -- or lose it to creditors. 

• You may have to file a gift tax return. If the value of the interest you give to a new co-owner (except your spouse) exceeds $10,000 in one year, you must file a gift tax return with the IRS.

• You cannot give away joint tenancy property in your will.

• It may spawn disputes after your death. Many people make the mistake of adding someone as a joint tenant to a bank account just for "convenience." They want someone to help them out by depositing checks and paying bills. But after the original owner dies, the co-owner may claim that he or she is entitled, as a surviving joint tenant, to keep all the funds remaining in the account. Sadly, this sort of confusion often leads to bitter family rifts, some of which are fought out in court.

The Law Office of Raymond B. McFalone
Call or email us for a free estate planning consultation!

Raymond B. McFalone
1990 N. California Boulevard, Suite 830
Walnut Creek, CA  94596
Phone: (925) 944-1438
Fax: (925) 932-8616
 

Email: ray@raymcfalone.com