FAQ Friday: Joint Ownership-Is it the solution to your estate plan?
On Friday, March 18th, at 11am EST, Mr. Berger discusses if Joint Ownership is a viable solution for estate planning or what might be best.
When you go in the bank and add a family or family friend as an owner to your accounts, your house etc.
The biggest problem we have come across is when a child has become a joint owner on a bank account and become the primary caregiver and they then become the owner of the account after their parent’s passing and don’t feel it should be apart of the pool of assets shared amongst other beneficiaries.
Another big problem, is if the person you place as a joint owner comes into some credit issues and the bank has to put a lien on property for an issue not originally brought by you.
Gift taxes can also be an issue. And if a child moves into the house during lifetime then it can be considered a gift during their lifetime which affects taxes and basis.
Another issue is sometimes people believe they are setting up a joint ownership and instead created a tenancy in common. This can cause a lot of problems.
Submit your question
Bring your questions about estate planning and administration to our weekly Facebook Live with Mr. Berger on Fridays at 11am EST. Leave your email if you’d like to receive a notification of our response.