MENU

Issues With Joint Ownership

When two or more persons decide to acquire property, a number of questions arise with respect to joint ownership.  For example, with joint ownership, who manages and how will differences be resolved?  What happens when one owner dies?  How may the co-owners address liability issues?  What tax issues need they address?  And, how does joint ownership affect estate planning?

In fact, one of the difficulties with joint ownership of property involves “where to start” where frequently the issue involves how to take title.  In that respect options may include taking title directly, such as a Tenant in Common (including community property) or in Joint Tenancy, where the interests are not seen as an active trade or business.  Alternatively, there are instances where ownership may be taken through a Trust.  Other options include the use of Partnerships, general and limited, or Limited Liability Companies (or similar entities) or a Corporation.

To read this article in full, click here to download a PDF copy.

RECENT ARTICLES

New Legislation: Qualified Domestic Corporations & LLCs May Apply For Voluntary Administrative Dissolution Or Cancellation

Effective January 1, 2019, the Franchise Tax Board (“FTB”) has the authority to administratively dissolve suspended entities.  The FTB’s new ...

IRS Issues Final Return Preparer Regulations

Back in August, we announced that WKBK&Y attorney Matthew D. Carlson (member of the Taxation Section of the CLA, and Vice Chair ...

UPCOMING EVENTS

January 24, 2019 – SEPC Estate Planning Forum (formerly Technical Forum)

The Sacramento Estate Planning Council puts on this event annually and we are again proud to sponsor and attend this one-day ...
green and yellow boxes

CHOOSE A LEGAL PARTNER THAT'S COMMITTED TO YOUR SUCCESS.

To find out how we can help you through the complexities of today’s legal issues, call (916) 920-5286 or click below.