JOINT PROPERTY TAXATION SUMMARY OF CONTENTS

Size: px

Start display at page:

Download "JOINT PROPERTY TAXATION SUMMARY OF CONTENTS"

Gervais Henderson
6 years ago
Views:

1 JOINT PROPERTY TAXATION SUMMARY OF CONTENTS About the Author Preface Acronyms/Phrases/Terms Used in This Book PART ONE VALUE OF ASSETS AND FORMS OF PROPERTY OWNERSHIP Chapter 1 Value of Assets and Forms of Property Ownership Two Most Common Forms of Property Ownership Common Characteristic Is Right of Survivorship Distinguishing Characteristic Is Right of Severance Inclusion in Gross Estate, But Not in Probate Estate Chapter 2 Common Planning Situations Most Troubling Areas in Estate Planning Federal Estate, Gift and Income Tax Same-Sex Married Spouses Chapter 3 Advantages of Joint Ownership Nontax Advantages Security for Married Persons Facilitate the Care and Protection of Minor Children Avoid Probate

2 Chapter 4 Disadvantages of Joint Ownership Four Disadvantages Loss of Testamentary Disposition of Property Loss of Lifetime Management Control of Property Misappropriation of Co-Tenant s Interest Loss of Liquidity Part One: Endnotes PART TWO FEDERAL ESTATE TAX RULES Chapter 5 Property Owned by Unmarried Persons General Rule Consideration-Furnished Test Rule Chapter 6 Property Owned by Married Spouses Spouse s Joint Property Rule Pre-1977 Spousal Joint Property Marital Deduction Amount Subject to Mortgage Chapter 7 Multiple Ownership Among Married Spouses and Other Persons Availability of Estate Tax Marital Deduction First Issue: Amount Included in First Decedent Spouse s Gross Estate Second Issue: Surviving Spouse s Power of Severance Multiple Married Spouse Co-Tenants

3 with Right of Survivorship Federal Estate Tax on U.S. Savings Bonds Part Two: Endnotes PART THREE FEDERAL GIFT TAX RULES Chapter 8 Unmarried Persons Income Tax Basis of Gifts in Hands of Donee Increased Basis for Gift Tax Paid Co-Tenant Can Defeat Survivorship Rights Termination of Joint Tenancy with Right of Survivorship United States Savings Bonds Federal Gift Tax on U.S. Savings Bonds Chapter 9 Married Spouses Non-U.S. Citizen and U.S. Citizen Unintended Gift Results from Failure to Severe JTWROS Part Three: Endnotes PART FOUR FEDERAL INCOME TAX RULES Chapter 10 Transfers of Property Between Married Spouses or Incident to Divorce Transfers Between Married Spouses

4 Section 1041 Background Explanation of Section 1041 Income Tax Consequences Property Settlements Section 1041 Election Chapter 11 Unmarried Persons Income Tax Based on Percentage of Ownership Modified Carryover Basis Basis of Estate Assets of Decedents Dying After December 31, 2010 Real Property Securities, Dividends, Interest, Gains and Losses Joint Bank Accounts Mortgage Interest Deduction Special Federal Income Tax Rules Apply to U.S. Savings Bonds Administering U.S. Savings Bonds Upon Death of Owner/Co-Owner/Beneficiary Income Tax Deduction for Expenses Associated with Gifted Real Property Income Tax Liens Involving Property Titled JTWROS Quit Claim Deed Failure Part Four: Endnotes PART FIVE TAX CONSIDERATIONS CREATING AND TERMINATING TITLE TO JTWROS PROPERTY Chapter 12

5 Real Property, Securities, Bank Accounts and Other Property Procedure for Creating and Terminating Ownership of Property Titled as JTWROS Real Property Examples Regarding Married Spouses Publicly-Traded Securities, Bank Accounts and Other Property Effect of Property Titled as JTWROS Passing to Surviving Spouse Surviving Spouse s Basis in Property Titled as JTWROS Equalizing Estates of Married Spouses Transfer-Within-One-Year-of-Death Rule Chapter 13 Other Federal Tax Considerations Regarding Property Titled as JTWROS Donor s Gift of Gift Tax Annual Exclusion Amount to Donor s Child and Child s Spouse Disclaiming Property Titled as JTWROS Simultaneous Death of Co-Tenants Transferring Property Titled as JTWROS to a Trust Severing Survivorship Element of Property Titled as JTWROS Part Five: Endnotes

KEIR EDUCATIONAL RESOURCES

ESTATE PLANNING 2016 Published by: KEIR EDUCATIONAL RESOURCES 4785 Emerald Way Middletown, OH 45044 1-800-795-5347 1-800-859-5347 FAX E-mail customerservice@keirsuccess.com www.keirsuccess.com TABLE OF