fbpx
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

Proposition 19 Brings Substantial Changes to California’s Property Tax Assessment Rules

On November 3, 2020, California voters approved Proposition 19 which brings substantial changes to California’s property tax assessment rules and ...

President Issues Executive Order Deferring Payroll Tax

The White House has been wanting to eliminate the payroll tax for months allowing more money to go into employees ...

UPCOMING EVENTS

January 19, 2021 – Proposition 19: Problems and Property Tax Planning

Cameron L Hess has been invited to present on January 19, 2021, "Proposition 19: Problems and Property Tax Planning," with ...
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.