http://www.financialposter.com Fri, 07 Oct 2011 10:05:48 +0000 en hourly 1 http://wordpress.org/?v=3.0.4 http://www.financialposter.com/terminating-joint-tenancies-for-estate-planning-purposes/ http://www.financialposter.com/terminating-joint-tenancies-for-estate-planning-purposes/#comments Sun, 12 Jul 2009 15:56:26 +0000 admin http://www.financialposter.com/?p=29 In large estates, with some exceptions, it is usually desirable to avoid joint tenancy with rights of survivorship. Owning property in joint tenancy prevents an individual from using a life estate plan or a marital deduction trust for such specific property. Thus, terminating joint tenancies is a part of the total estate plan for some people. As a result of the unlimited marital deduction, joint tenancies between husband and wife no longer have adverse tax consequences at the death of the first spouse.
A severance of joint tenancy can occur at the election of any co-owner by transferring the interest to another person. This can be done without the approval of the other co-owners; and if such transfer should be made, the transferee thereof becomes a tenant in common with the other co-owners who may remain joint tenants to each other. Survivorship rights would not then apply to the interest transferred but would continue to apply to interests remaining in joint tenancy.

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