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References in periodicals archive ?
The panel ruled that the broker-dealer had "an obligation to disclose to issuers during the redemption process that terminally ill joint tenants were not in fact beneficial owners of the investments, because the hedge fund required them to sign side agreements in which they agreed to give up their ownership rights to the assets in the joint accounts.
For the unity of interest, each joint tenant had to possess the same right to the land, with his or her rights encompassing the same period of years and the same type of estate.
The owners must share control: Sales and other actions require the consent of each joint tenant.
For example, Dad leaves a vacation home to his three children, Tom, Ann, and Rita, as joint tenants with right of survivorship.
2040-1(a)(1) require the inclusion of only a pro rata portion of the value of the property in the estate of a deceased joint tenant.
Years later, the lawyer team got a frantic call from the client: the bankruptcy court was claiming one half of her house and her apartment; it seems the client had put her daughter's name on the title of her real estate as a joint tenant.
This is not the case with assets held as joint tenants with right of survivorship, where either owner may withdraw funds and effectively sever the joint tenancy right of survivorship as to the withdrawn funds.
Last month's column showed how adding a child or other nonspouse family member to the title of property as a joint tenant can create unintended consequences of deemed gifting for gift tax purposes.
Also, a joint tenant or a trust beneficiary (when the beneficiary is not the grantor) does not have any such legal interest on his or her death.
That's because a married home owner who has lived in his or her house for two or more years with a joint tenant agreement can claim a $500,000 capital gain exclusion ($250,000 per person) on the sale of a principal residence while a single home owner can exclude only $250,000 worth of gain.
In the case of joint tenants other than spouses, the value of the entire property is taxed in the estate of the first joint tenant to die, unless the survivor can establish a contribution to the original purchase price.
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