JTWROS


Also found in: Financial.
AcronymDefinition
JTWROSJoint Tenancy With Rights Of Survivorship
References in periodicals archive ?
Assume that Thelma and her sister Molly bought a vacation home when they were both single and titled it as JTWROS. Thelma and Molly each married and had children; over the years, as their families used the vacation home, it increased in value.
In addition, any bank or brokerage or mutual fund accounts held as JTWROS will be owned by the surviving owner or owners after one of the joint tenants dies.
The other basic planning technique involves the titling of property into JTWROS property.
But by opting for JTWROS they lose the advantages of CF titling.
The account is titled as JTWROS, so the surviving co-owner will be the sole owner.
Corsaw Form of Ownership JTWROS Insured(s) George E.
Another estate and gift issue that blends legal and tax issues is the timing of a qualified disclaimer of property held as joint tenants with rights of survivorship (JTWROS).
Generally, there are no gift tax consequences upon the creation of a joint tenancy between spouses (either as a tenancy by the entireties (TBE) or as a joint tenancy with rights of survivorship (JTWROS)) because of the unlimited marital deduction.[1] This may not be true if the donee spouse is not a United States citizen because the gift tax marital deduction is not available for gifts made to a noncitizen spouse.[2] While the gift tax marital deduction is disallowed when a gift is made to a noncitizen spouse, the annual exclusion is increased from $10,000 to $100,000 for such gifts.[3]
3 Survivorship, i.e., joint tenancy with right of survivorship (JTWROS); tenants by the entirety (with right of survivorship); tenants in common with right of survivorship; survivorship in a community property agreement;
For instance, any assets that you own as joint tenants with right of survivorship (JTWROS) will pass directly to the surviving co-owner after the first death.
This compares favorably to the 50% step-up in basis for assets held by spouses as joint tenancy with right of survivorship (JTWROS) or as tenancy in the entirety.