Estate & Elder Law Attorneys can advise you about joint tenancy problems
21550 Oxnard St #300
Woodland Hills CA 91367
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Mina Sirkin, Woodland Hills Estate Law & Joint Tenancy Attorney
Board Certified Specialist in Estate Planning, Trusts and Probate Law
Trust Litigation Los Angeles
Litigation Los Angeles
Conservatorship Los Angeles
Living Trust Attorney Los Angeles
JOINT TENANCY - FREQUENTLY ASKED QUESTIONS
are frequently asked to advise clients regarding problems which can
arise from holding title to assets in joint tenancy with your
children. Joint tenancies used to be a popular realtor
recommended method of taking title to real estate, to avoid probate at
first death in California. Most people do not understand
consequences of joint tenancies.
PROBLEMS YOU MAY CREATE WITH A JOINT TENANCY
Generally, a joint tenancy is created to avoid entering court
proceeding in probate at the death of the first joint tenant. However,
it does not avoid probate at the death of the second joint tenant
unless he/she puts that asset in his / her own trust after the first
joint tenant dies. If you leave an asset in joint tenancy, the
surviving joint tenant will received it, and it will not be distributed
according to your will or trust.
Owning a property in joint tenancy can force the property to being tied
up in your joint tananty's bankruptcy or creditors' claims.
3. If you put your married child on title, and a mortgage is paid
during his marriage, in the event of his divorce, his spouse can ask
that the court deem the property partially community in nature, if your
child pays the mortgage
from their community wages. This ties up your property in their divorce
4. How about taxes? When a person leaves an asset to a child in trust, there is a
step-up in basis which avoids a large capital gains tax. When you put
an asset in joint tenancy with your child during your life, this huge
benefit is lost and there is no step-up to the date of death value as
to the interest you gave your child during your life.
5. Joint Tenancies can completely thwart a personís estate plan. For
example, if you leave all of your assets in your will to all of your
children, but leave one child as a joint tenant on one property, the
child on title will inherit all of that one property and your entire
estate will not pass equally to your children. This makes your children very unhappy with each other.
6. If you give a joint tenancy interest to a child while you are alive,
and the value of the tenancy is more than $14,000, you have to file a
gift tax return for it, and use some of your lifetime exemption.
7. What about at incapacity? A Joint tenancy is not a protection in the event of incapacity. If
you put a child on title, you must obtain a power of attorney from him/
her so that if he/she is incapacitated, you can sell the property.
Likewise, if you become incapacitated, the child you put on title will
necessarily need to have a Durable power of attorney from you to be
able to sell the property in the event of your incapacity.
8. If you put a child on title, you will need that childís consent to
sell the entire property in the future. Remember that your son or
daughter-in-law may influence your child in this decision.
9. If you want to go borrow on a property which has your child as a
joint tenant on title, you will need to get the consent of the child to
borrow on your own property.
10. If you have a tenant in the jointly owned property whom you
want to evict, you will need the permission or consent of the other
joint tenant. If the tenant is your co-owner, you cannot evict
her, by yourself.
11. What about property taxes? If you forget to obtain a Parent-Child exclusion from
reassessment from the County Assessor, your property tax will be
reassessed. There are several form that have to be prepared to enable
your property to escape reassessment at the time of transfer to your
SOLUTIONS ARE THERE:
A. Call us and put your house in your revocable living trust and leave it to your children at your death.
To discuss more aspects of joint tenancies, call our probate attorney at 818.340,447 in Los Angeles. Each attorney at Sirkin Law
Group, P.C. has over 22 years of experience in joint tenancy issues in
Los Angeles Ca.
Joint Tenancy Attorney
N. Sirkin and Evan R. Sirkin are partners at the Law Offices of
Sirkin and Sirkin, and elder law and estate law firm in Woodland
Hills. We have helped thousands of people with advance elder law
planning in Los Angeles County to reach their goals. To reach our elder
law and trust attorneys by telephone, please call 818.340.4479 or email
us at Info@SirkinLaw.com.
21550 Oxnard Street, Third Floor
Woodland Hills, CA 91367
Phone: 818. 340. 4479
Fax: 818. 340. 7952
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