Jointly held property. Under IRC section 2040(a), if property is held by a decedent and other persons as joint tenants with the right of survivorship, the value of the jointly held property generally included in the estate of the first joint tenant to die is based on the amount of conside...
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Survivorship is the rule that says that when one joint tenant dies, no interest in the property owned as joint tenants passes to the deceased's legatees.by Michael Firth
A joint tenancy is treated specially, since it includes the right of the survivor to get the entire property when the other dies (right of survivorship). (See: joint tenancy, joint and several, joint venture, tenancy in common) Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. ...
Problems also arise with jointly owned property in the US if it is established as a joint tenancy withright of survivorship, often where a child is listed as a partial owner to help the parent manage the bills for the property. Should the parent die, issues can arise as to whether the ...