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By Gary M. Singer<\/div><\/div>\n

Each type of co-ownership \u2013 tenants in common, joint tenant with right of survivorship and tenants by the entirety \u2013 has different rules, along with unique pros and cons.<\/p>\n<\/div>\n

FORT LAUDERDALE, Fla. \u2013 Question<\/strong>: Our youngest sister lives with our 94-year-old mother and takes care of her. The family has agreed that she will be the sole owner of the property upon my mother\u2019s demise. My sister is listed on the house deed along with my mother, and we were wondering if this is best for tax purposes and inheritance. \u2013 Jo<\/span><\/span><\/p>\n

Answer<\/strong>: People can own property together in three ways.<\/span><\/span><\/p>\n

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Tenants in common<\/strong>: The first is \u201ctenants in common,\u201d where each person owns a specific share of the home. If a tenant in common passes away, their heirs, such as their children, would inherit their share.<\/span><\/span><\/li>\n
Joint tenants with right of survivorship<\/strong>: The second form of shared ownership is called \u201cjoint tenants with right of survivorship,\u201d where every owner owns the undivided property collectively. In this scenario, if one owner dies, the remaining owners would still own the property as before, and the deceased owner\u2019s heirs would not inherit part of the property.<\/span><\/span><\/li>\n
Tenants by the entirety<\/strong>: The final type of ownership, known as \u201ctenants by the entirety,\u201d is reserved for married couples who purchase the property together. This form of ownership also has the survivorship feature and offers additional protections and rights to the couple.<\/span><\/span><\/li>\n<\/ul>\n
Deeds can be tricky, and a few words or a misplaced comma can make a significant difference. For example, a deed to Bob, Kelly, and John would give each person a third of the home as tenants in common.<\/span><\/span><\/p>\n
But if the deed was to Bob and Kelly, his spouse, and John, the married couple would own half the property together, and John would own the other half. In the second scenario, if John passes away, his heirs would inherit his half, but Bob will still own half of the property if Kelly passes away. If Bob then dies, his heirs, who may differ from Kelly\u2019s, would inherit his portion.<\/span><\/span><\/p>\n
Because this can be confusing, plus the potential for tax issues, it is essential to consult with an experienced estate planning professional to ensure that your documents match your wishes.<\/span><\/span><\/p>\n
\u00a9 2021 Sun Sentinel (Fort Lauderdale, Fla.), Gary M. Singer. Distributed by Tribune Content Agency, LLC.<\/span><\/span><\/p>\n<\/div><\/div>\n
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\nAuthor: izaakh<\/p>\n","protected":false},"excerpt":{"rendered":"
By Gary M. Singer Each type of co-ownership \u2013 tenants in common, joint tenant with right of survivorship and tenants by the entirety \u2013 has different rules, along with unique pros and cons. FORT LAUDERDALE, Fla. \u2013 Question: Our youngest sister lives with our 94-year-old mother and takes care of her. The family has agreed that she will be the sole owner of the property upon my mother\u2019s demise. My sister is listed on the house deed along with my mother, and we were wondering if this is best for tax purposes and inheritance. \u2013 Jo Answer: People can own property together in three ways. Tenants in common: The first is \u201ctenants in common,\u201d where each person owns a specific share of the home. If a tenant in common passes away, their heirs, such as their children, would inherit their share. Joint tenants with right of survivorship: The second form of shared ownership is called \u201cjoint tenants with right of survivorship,\u201d where every owner owns the undivided property collectively. In this scenario, if one owner dies, the remaining owners would still own the property as before, and the deceased owner\u2019s heirs would not inherit part of the property. Tenants by the entirety: The final type of ownership, known as \u201ctenants by the entirety,\u201d is reserved for married couples who purchase the property together. This form of ownership also has the survivorship feature and offers additional protections and rights to the couple. Deeds can be tricky, and a few words or a misplaced comma can make a significant difference. For example, a deed to Bob, Kelly, and John would give each person a third of the home as tenants in common. But if the deed was to Bob and Kelly, his spouse, and John, the married couple would own half the property together, and John would own the other half. In the second scenario, if John passes away, his heirs would inherit his half, but Bob will still own half of the property if Kelly passes away. If Bob then dies, his heirs, who may differ from Kelly\u2019s, would inherit his portion. Because this can be confusing, plus the potential for tax issues, it is essential to consult with an experienced estate planning professional to ensure that your documents match your wishes. \u00a9 2021 Sun Sentinel (Fort Lauderdale, Fla.), Gary M. Singer. Distributed by Tribune Content Agency, LLC. Go to Source Author: izaakh<\/p>\n","protected":false},"author":4,"featured_media":5991,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/5990"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=5990"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/5990\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/5991"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=5990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=5990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=5990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}