JTWROS


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AcronymDefinition
JTWROSJoint Tenancy With Rights Of Survivorship
References in periodicals archive ?
CPWROS and JTWROS may share a survivorship feature, but CPRWOS lacks a clear argument for estate includibility, so the allowable basis adjustment--if any--is dubious.
Until clarification comes from the IRS, titling property JTWROS along with a side agreement that property is held as community property--an approach which has the support of Rev.
27] The 1986 regulations specifically provided that a joint tenant of JTWROS or TBE property could not "disclaim any part of the interest, including the survivorship interest, if more than nine months have passed since the transfer creating the joint tenaney.
From 1986 until 1990 the IRS took the position that, for purposes of the disclaimer regulations, JTWROS property was created at the time of the acquisition of the property by the tenants or the transfer from donor tenant(s) to donee tenant(s).
38] Under the proposed regulations, the one-half survivorship interest in JTWROS or TBE property could be disclaimed within nine months after the death of the first tenant to die only if such survivorship interest was unilaterally severable.
As previously mentioned, a will cannot distribute property that is owned by the decedent and another person as JTWROS.
A bank account, like any other type of property, may be held by a married couple as JTWROS or as TBE.
In order to create and maintain the JTWROS form of ownership in real or personal property, the following four unities must exist:(5)
79(1) or a signature card designation of survivorship, a jointly owned bank account that satisfies the four unities listed may be he under the JTWROS form of ownership.
Generally, in order not to have the value of an asset owned as JTWROS includable in the decedent's gross estate, the decedent's personal representative must prove contribution by the surviving co-tenant(s).
Unfortunately, with respect to nonmarried persons, the decedent's personal representative must still trace the history of the assets owned by the decedent as JTWROS with another to the date the asset(s) was acquired by the co-tenant owners.
You will generally become involved with the challenges associated with the ownership of property as JTWROS in one of the following situations: