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Right of survivorship

Posted on: 15th Dec, 2005 12:26 am
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?
ashley, you'd be well advised to engage an attorney to assist you. i know you said you aren't working, but there is legal aid out there that may well be available to you. check into it, at least. call united way, or social services where you live - they can assuredly help you. he cannot force you to vacate the home. your ownership gives you full right to live there. that's not to say he can't make you uncomfortable, but that's another reason to be sure you know all of your rights, and social services or an attorney (or both) can help you with that. this is obviously a tense situation, so be careful and tread lightly.
Posted on: 12th Jan, 2010 06:30 am
My husband's mother owned a house in Florida, She acquired this house from her 2nd husband (this was not my husbands dad) when he died in 1985.
In 2004 she put my husband on the deed, as joint tenants with right of survivorship. The mother died in 2006, and the will also said everything goes to my husband. We never lived in this house (we live in another state) and cleaned out the house and sold in Jan 2009, How do we figure capital gains?? When she passed we got a appraisal to be done for 2004 and 2006
Posted on: 22nd Feb, 2010 03:05 pm
i believe you ought to take that question to a tax advisor directly; you can also counsel, of course, with irs itself.
Posted on: 22nd Feb, 2010 08:36 pm
I received half of 4 acres from my father's will. it has been through probate. My mother and brother did not contest the will. My brother has since the end of the will's probate currently trying to say that I am not elegible for the property. He is saying that the property deed has survivorship(my mother & fatherowned it together
and I have no right to the half of the property. Can you clarify--does survivorship overide the will? :?:
Posted on: 17th Mar, 2010 04:17 pm
Hi chase,

The probate process has been over and you have been given the half of the property. If your brother had any problem, he should have contested the will. If your mother is listed on the property deed as joint tenant with right of survivorship, she does have a right to the property. But you haven't taken her share of the property; you have received your father's share of the property which he left for you in his will. Your father had the right to transfer his share of the property to whoever he wanted. The right of survivorship would never have prevented him from doing so. Thus, you are the rightful owner of the half of the property.
Posted on: 17th Mar, 2010 10:40 pm
that's a well-written answer, jenkin7.
Posted on: 19th Mar, 2010 01:29 pm
My husband and his brother signed papers as right of survivorship several years ago on a house in Florida that their mother owned. After that, she wanted to get a line of equity loan but had to have their signatures. Are the sons responsible for the remaining balance owed from the line of equity?
Posted on: 13th Aug, 2010 03:58 pm
Hi deborah,

A query similar to yours has been replied in the given page:
http://www.mortgagefit.com/florida/survivorshiprights-equityloan.html

Take a look at it. Hope it helps you.

Thanks
Posted on: 13th Aug, 2010 10:31 pm
A owns property X in survivorship with B in Maryland. If A, by a properly executed Will, bequeathes her share in X to C and dies, who will inherit A's share? B or C
Posted on: 28th Sep, 2010 05:51 pm
Hi Vijay,

The survivorship deed as well as the will of person A will come into affect after his death. In such a situation, the will would be given importance as it was drafted later on. Thus, C will get A's property. Nevertheless, it would be better if B and C can contact an attorney and take his opinion in this matter.

Thanks
Posted on: 29th Sep, 2010 12:53 am
My girlfriend and I plan on buying a house along with her elderly father. He will be putting money down on the house and we were thinking that all three names be on the mortgage. I currently own my own home. Two questions,
1. What procations should we take incase he would pass?
2. What procations should I take if we end up breaking up?
Posted on: 13th Oct, 2010 08:38 am
if your girlfriend's father dies, then you and your girlfriend will have to refinance the mortgage in your names to remove the deceased person. if both of you break up, then the person who keeps the property will have to refinance the mortgage in his or her name.
Posted on: 14th Oct, 2010 02:50 am
Understandable, I guess I was looking more for any additional actions we or I should take ahead of time that would lessen a bad situation. For example, I sell my current house that doesnt have a lot of equity and we move in together. Something happens and we split, I would be out of a house and lost any money put into the new house. I am just not that knowedgable about steps to take for my best interests if things go sour. Or if her father passes, would his portions have to be willed to her or would we have to pay taxes on his portions?
Thanks again.
Posted on: 14th Oct, 2010 06:34 am
GA JTWROS property valued 3-4 mil. Hus. wants to divide to give half to
his family. Wife will not agree. Can court break deed? Hus 87, wife 67.
Posted on: 17th Jan, 2011 07:18 pm
GA JTWROS property valued 3-4 mil. Hus. wants to divide to give half to
his family. Wife will not agree. Can court break deed? Hus 87, wife 67.
Posted on: 17th Jan, 2011 07:22 pm
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