Taxation & Estate Planning

The Problem with Joint Property - Fund Your Trust People!

By Michael D. Bonasera, Esq.

Another one from Greg Herman-Giddens of The North Carolina Estate Planning Blog that reminds me of one of my other posts:

Greg writes here about The Problem Of Joint Tenancy. His post is well-written and informative and explains the pros and cons of holding property jointly (sometimes with survivorship). Ans his advice should be well-taken.

However, the potential problems outlined in his post can be negated by simply funding your trust. Doing so would reduce or eliminate the potential tax problems, ownership/control issues, having the property not reach your heirs, etc.

If you do not have a trust, well then, call me, we’ll talk about whether you actually need one. If you do not need one then Greg’s post provides wise guidance on issues to think about when attempting to efficiently pass property to your heirs.

Full post as published by The Ohio Trust & Estate Blog on February 24, 2008 (boomark / email).