• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Joint Tenacy w/ROS. How much goes to estate? Can be disclaimed?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

K

km4hr

Junior Member
What is the name of your state? South Carolina

Dad died in September. No will. He left stocks, bonds, real estate to family mem
bers as JTROS. Mom's part of her JTROS assets need to go to children in order to
maximize Dad's estate tax exemption. Otherwise it becomes part of Mom's estate
and makes her future estate tax situation costly. So I have two questions. 1) Is
%50 the proper portion of all JTROS assets to include in Dad's estate? 2) Can M
om disclaim her JTROS assets? Any other enlightenment is greatly appreciated. th
anks.
 


N

nextwife

Senior Member
Excuse me? You are telling mom she's not entitled to keep her share of her home(s) because her estate will otherwise have tax liabilities? That it will benefit her heirs if she deeds away her own home????

Or did I read this wrong?
 
Last edited:
justalayman

justalayman

Senior Member
this seems to be the appropriate definition.

enlighhtenment: freedom from desire, surrender to the inner voice of logic and reason, the sovereign, selfresponsible attitude with wisdom in self-realization. ...

so with that in mind and your state you wish to become enlightened.

JTWROS means exactly that. The survivor recieves all of the whole with no ditribution to any other. Like in 100%. If she gives any of it away, it will not be due to the JTWROS situation. It will be seen as gifting by her to whomever recieves it and will not affect the current taxing situation.
 
K

km4hr

Junior Member
nextwife said:
Excuse me? You are telling mom she's not entitled to keep her share of her home(s) because her estate will otherwise have tax liabilities? That it will benefit her heirs if she deeds away her own home????

Or did I read this wrong?
Click to expand...
Don't worry, Mom and "kids" all have enough on their own. The kids are not anxious to get Mom's assets, of which the home is a small part. It's Uncle Sam that the family wants to cut out of the picture. All are in complete agreement on this.
 
Zigner

Zigner

Senior Member, Non-Attorney
km4hr said:
Don't worry, Mom and "kids" all have enough on their own. The kids are not anxious to get Mom's assets, of which the home is a small part. It's Uncle Sam that the family wants to cut out of the picture. All are in complete agreement on this.
Click to expand...
Mom owns the property exclusively at this point. As was said earlier, anything she "gives away" is just that, a gift. Tax will apply as such.
 
K

km4hr

Junior Member
justalayman said:
this seems to be the appropriate definition.

enlighhtenment: freedom from desire, surrender to the inner voice of logic and reason, the sovereign, selfresponsible attitude with wisdom in self-realization. ...

so with that in mind and your state you wish to become enlightened.

JTWROS means exactly that. The survivor recieves all of the whole with no ditribution to any other. Like in 100%. If she gives any of it away, it will not be due to the JTWROS situation. It will be seen as gifting by her to whomever recieves it and will not affect the current taxing situation.
Click to expand...
Ok, so JTWROS means the "joint tenant" becomes the only owner of the asset. Does this mean the joint tenant can't disclaim any of it? If so, then who does the Disclaimer section of the IRS code apply to?

http://www.taxalmanac.org/index.php/Sec._2518._Disclaimers

BTW, I'm still looking for the answer to the question as to whether or not JTWROS assets are part of of an estate. For example, if Dad and I were JTWROS owners of a bond valued at $10,000 when he died, should the full $10K be used in calculating the value of his estate? Half of it? None of it?
 
A

anteater

Senior Member
km4hr said:
...
BTW, I'm still looking for the answer to the question as to whether or not JTWROS assets are part of of an estate. For example, if Dad and I were JTWROS owners of a bond valued at $10,000 when he died, should the full $10K be used in calculating the value of his estate? Half of it? None of it?
Click to expand...
Just to clarify, the bond would not be part of the probate estate. However, the bond would be part of the gross estate for federal estate tax purposes. The value included in the gross estate would depend upon who conributed the money to the purchase of the bond. If Dad purchased it entirely with his own funds, and merely added you as an owner, then the entire value is part of his gross estate. If you and he contributed equal amounts to the purchase, then 50% of the value would be included in his gross estate. And so on...
 
You must log in or register to reply here.

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top