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Jointly Held Assets

September 4, 2018

Video Transcript

Hi, this is Legal Tip Tuesday. I’m Dave DeRose. I’m an associate (Attorney) here at QuatriniRafferty and I would like to give you a tip on estate planning. Many people have assets that they own perhaps as a husband and wife, maybe a husband and a son, a wife and a daughter…they’re “jointly-held assets.” Between husband and wife, there is no problem and there is no tax when one spouse passes away. If, however, a widow or a widower owns an account with a son or a daughter, for example, there is a tax to pay at the widow or widower’s death. Many people don’t realize that and end up piling certain assets into their children’s names with them expecting there would be no tax.

The other thing that sometimes occurs is that a child will put a parent on an asset that they own. Perhaps the child buys savings bonds and for convenience sake puts his mother or father on the bond with him. Well, if the child would die, the mother and father have a tax to pay. If the mother or father dies, the child has a tax to pay on his or her own money. These are things that we can discuss at any time in the course of an estate plan for you. Please feel free to contact us. Thank you.