Posted: Thu Dec 15, 2005 1:26 am Post subject: Right of survivorship
My mother added me on the title to the family after my father passed away 3 years ago as joint tenants with right of survivorship. I recently read in a experts column that a home should be owned as community property with the right of survivorship because by doing so there are tax advantage when the house is sold. Can my mother do so now? And after doing so will she be able to limit tax on capital gains when she sells the home? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Posted: Thu Dec 15, 2005 1:43 am Post subject: RE:
Hi,
You are right community property with right of joint survivorship has a tax advantage of over joint tenants with the right of survivorship but only husband and wife are eligible to hold this title. And even though your mother has added you in the title, she still qualifies for a $250000 capital gain exemption on the sale of your house assuming that she has stayed in that house for more then two of the five previous years.
a surviving spouse will be eligible for the $500, 000 capital exemption valid for married people provided he sells the home on the year of death of the first spouse and a joint tax return is filed. this is possible even if the home is titled as community property with right of survivorship or as joint tenants with right of survivorship. your father having passed away 3 years ago, your mother will now be eligible for a single capital gain exemption worth $250,000 upon the sale of the home.
Posted: Thu Dec 22, 2005 12:53 pm Post subject: Right of Survivorship
My Mom passed away 11/21/05. She had made a right of survivorship document , filled in , that she got at the local library. She had gotten it notarized and after her death , we filed it at the County Clerk's office.
Now, my Mother and Daddy were in the process of selling property , the preliminary paperwork had been signed by her but they had not closed. Now , the title company stated that my brothers 3 children who survived my brother, 2 1/2 years ago had to sign a heirship paper giving up interest in my mothers part of the property. My sister and I gladly signed it because all of my mothers estate , goods, go to my Dad on her death and vice versa.
Now , these 3 grandchildren have gotten a lawyer, (you can tell they were not close with their grandparents), and will not sign anything.
My Dad finally saw an attorney this morning and she told him that he is going to have to give those 3 1/3 of the 1/2 of what the property sells for.
Does the right of survivorship mean anything. The lawyer told my Dad this morning that the right of survivorship is not the same as a will and will not help him at all.
It's really sad to hear about your mom's death and the trouble that you are facing afterwards.
Actually right of ownership divides the decedent's share among the survivors of the joint owner. Since your mother was a joint tenant so your attorney has correctly mentioned that your brother's three children will get there share.
This is because your brother was a joint tenant and his children automatically gives them the right to possess their part. So, you may have to give them their share.
Don't feel disheartened. Sometimes things do happen against our will and goes beyond our control. Help yourself and your family to come out of this situation with paitence and courage.
Posted: Thu Dec 22, 2005 2:40 pm Post subject: Right of Survivorship
Is the right of Survivorship if notarized and filed legal as a will in the state of Texas?
My Mom passed away 11/21/05. She had made a right of survivorship document , filled in , that she got at the local library. She had gotten it notarized and after her death , we filed it at the County Clerk's office.
Now, my Mother and Daddy were in the process of selling property , the preliminary paperwork had been signed by her but they had not closed. Now , the title company stated that my brothers 3 children who survived my brother, 2 1/2 years ago had to sign a heirship paper giving up interest in my mothers part of the property. My sister and I gladly signed it because all of my mothers estate , goods, go to my Dad on her death and vice versa.
Now , these 3 grandchildren have gotten a lawyer, (you can tell they were not close with their grandparents), and will not sign anything.
My Dad finally saw an attorney this morning and she told him that he is going to have to give those 3 1/3 of the 1/2 of what the property sells for.
Does the right of survivorship mean anything. The lawyer told my Dad this morning that the right of survivorship is not the same as a will and will not help him at all.
Property owned by the decedent can be disposed off by a will, but non-probate assets cannot be disposed off by a will.
Right of survivorship, falls under non-probate assets, where the property of the decedent and other persons as joint tenants passes outside the will directly to survivor. So, I think what your attorney said is correct.
Rest of the things are answerd by Samantha which you can find after your first post.
Posted: Tue Jan 31, 2006 8:23 am Post subject: joint tenancy
if two people (girlfriend,boyfriend) buy a property together and both have names on the title and live in the same house,howwillthe property be distributed after ones death and will the children of either from previos marriage get any thing
Posted: Mon Feb 25, 2008 5:39 pm Post subject: joint tenant
I am an adult child. My father is having surgery and wants to have legal issues resolved. He ownes a home which he has homestead and ownes a 5 acre pc. of property as well. Should I have joint tenant on both properties or just the one vacant 5 acre lot? He is concerned as to what would have to be paid in taxes and such. The 5 acre lot is worth about $50,000.00. Please give some advise. thanks, Nan
Posted: Mon Feb 25, 2008 10:33 pm Post subject: RE: joint tenancy
Hi Nanette,
It's sad to hear that you father isn't well. But he has taken the right decision to resolve legal issues related to the property.
I shall suggest that you be a joint tenant on both properties. In such a case, you'd have to pay taxes if your father fails to do so and at the same time you'll enjoy ownership benefits on both the property and the land.
jerry
