 smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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 Posted: Mon Nov 17, 2008 9:06 pm Post subject: |
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Hi slgreer!
Welcome to forums!
When the joint tenant passes and if you have the "right to ownership", then you will directly get the ownership of the property. The estate will not pass through a probate.
On the death of the joint tenant, there are different types of taxes that may be imposed such as federal income tax, federal estate tax, federal gift tax, and inheritance tax depending upon the state. As the tax laws frequently change, it will be better if you could consult an attorney regarding this.
Feel free to ask if you have further queries.
Sussane |
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