joint tenants

From: BOB FORD <BOB_FORD@compuserve.com>
Subject: joint tenants
Date: Thu, 21 May 1998 19:49:55 -0400

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>date: Mon, 18 May 1998 15:53:59 -0500            =

>From: "Dalmia, Bipin K." <DALMIABK@phibred.com>
>Subject: joint tenants or tenants in common?
>hi:
 >i want to change my brokerage account to become joint owner with my
>wife. there are two choices for account type: joint tenants or tenants
>in common. what is the difference? pros/cons of each? any web
resource
>links to help with this?
>
>thanx, bip
 =

 =

 (THE USUAL WARNING)
I  am not an attorney and the following is not legal advice. It is just m=
y
opinion.  It is based on my experience in California.  The laws of other
states may be different.  =


The big advantage of Joint Tenants is NO PROBATE of anything owned
in joint tenancy.  On the death of one joint tenant, the other joint tena=
nt
owns the asset completely. No court proceeding are required. You can
not will anything in joint tenancy to another person and all joint tenant=
s
must agree to sell an asset when it is held in joint tenancy.  If ALL of
your assets are in joint tenancy, there will be no probate, court costs,
and
legal fees on the death of one joint tenant.

If you own an asset in Tenants in Common, each person owns a part of
the asset.  Each tenant can do with their part of the asset as they pleas=
e.

They can put it in their will or they can sell it without the other tenan=
ts
consent.  This asset will go through probate on the death of the owner.

In a few states you can own assets as community property.  This is only
for man and wife.  Assets held as community property get a stepped up
tax basis on the death of the husband or wife.  This means the person
that survives gets a new basis for the asset which may mean a large tax
savings when the asset is sold. =


Another option is to own the assets in a trust. This will also mean no
probate and will hide the ownership of the asset from other people.
This gives you privacy.

Let me know if you need more information.

BOB FORD
BOB_FORD@COMPUSERVE.COM
                    =




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