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In some cases, yes. However, they are rarely the best method of holding property. Only a lawyer is qualified to advise you on the best method of holding title to property and your case will differ from every other case.The matter of joint tenancy involves
Sometimes. After the death of a joint tenant, that person’s interest in real property must be terminated to give clear title to the surviving joint tenant. This can be done in one of three ways. The surviving joint tenant, personal representative, attorney or affiant with
Probably because they have been rather widely recommended by well-meaning persons who do not understand their complexities. Joint tenancies are very deceptive, because their advantages appear so simple while their disadvantages are not commonly known or understood.
Yes. Anytime co-owners disagree concerning the multitude of decisions that must be made concerning property, many difficulties and even expensive litigation may result. The mental incompetency of one joint tenant could require a guardianship for his or her share to make decisions affecting the property.
Not necessarily. As reflected by previous answers, the property might be subject to estate tax in more than one estate. Proper planning through a will might eliminate tax on the property at the second death.A will directing disposition of certain property to the spouse will
If the joint owners are husband and wife, there is no Federal or Oklahoma Estate Tax due with respect to the joint property at the first spouse’s death. The unlimited marital deduction applies. At the death of the second spouse, the property will likely be
As to Oklahoma Gift Tax, Oklahoma repealed its Gift Tax effective January 1, 1982. Therefore, no Oklahoma Gift Tax would be due when a joint tenancy is created.Under Federal Gift Tax Law, spouses have an unlimited marital deduction for lifetime gifts between spouses, so there
Yes, because the entire property in joint tenancy passes to the survivor free from any obligation to the children. An experience that has happened with unfortunate frequency is for the surviving widow to remarry and place the property in joint tenancy with the second husband
Yes. Also Federal Government Bonds may be cashed by either one alone. However, there are some thrift institutions which require both signatures.