• Whether someone is a 26-year-old single mother or a spry centenarian, they need three primary legal documents: living …http://www.wfplaw.com #

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• Regarding jointly owned property by non-spouses, the property will be included in the estate of the first person to di…http://www.wfplaw.com #

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All property held by spouses as tenants by the entirety or as joint with right of survivorship will be deemed to be one-half (1/2) owned by each spouse regardless of which spouse furnished the consideration.  Thus only one-half (1/2) of such property will be included in the estate of the first spouse to die.  Caution: only one-half (1/2) of the joint property will receive a step up in basis, thereby possibly causing increased capital gains taxation.  Regarding jointly owned property by non-spouses, the property will be included in the estate of the first person to die, unless the survivor can prove contribution.

Joint ownership of assets is not ideal during life and poses many problems in the administering of an estate.  A better way to manage your assets is through a Revocable Living Trust.  For more on how to eliminate the need for Probate and reduce the estate tax burden your family will suffer when you die, please contact the South Florida estate planning attorneys of Wild Felice & Pardo, PA at 954-944-2855 or via email at info@wfplaw.com.  Let us protect what you value most.