Posted on: 24th Aug, 2010 09:42 am
The property that my wife, myself and my parents live on is held by all of us as joint tenants. The way it is worded is..(my mother and father), as husband and wife and (myself and my wife), as husband and wife.
I understand that upon their deaths, the ownership of the property goes to my wife and myself.
My question is about Estate taxes. As the property ownership transfers to us, is the value of their ownership included as part of their estate when they pass away?
This is in California.
Thanks
I understand that upon their deaths, the ownership of the property goes to my wife and myself.
My question is about Estate taxes. As the property ownership transfers to us, is the value of their ownership included as part of their estate when they pass away?
This is in California.
Thanks
Hi bhorowitz,
It is true that your parents' share of the property will be included in their estate. If they leave a will mentioning that the property will go to you and your wife, then you will get the property.
Thanks
It is true that your parents' share of the property will be included in their estate. If they leave a will mentioning that the property will go to you and your wife, then you will get the property.
Thanks
Why would a will factor into it if my wife and I are joint tenants with them on the property? The joint tenancy assures that my wife and I will get the property. My question is whether or not, since the ownership passes to us as joint tenants upon their deaths, the value of their ownership is included in their estate.
Hi bhorowitz!
Welcome to forums!
It is true that the value of their ownership will be included in their estate.
Sussane
Welcome to forums!
It is true that the value of their ownership will be included in their estate.
Sussane