Joint Ownership with Child - May be bad idea



If you think you're going to avoid probate and solve distribution problems by owning your assets jointly, then perhaps you should think again. Here are some potential problems that might arise: (1) if owned with your 2nd spouse, that spouse may decide to leave $0 to your kids; (2) if owned with your child, that child may decide to leave $0 to your other children; (3) the assets may be subject to your co-owner's creditors claims; (4) you may experience problems if you want to delete that owner's ownership; (5) if owned by a minor child, you could experience issues with purchases/sales that might required a court guardianship proceeding (yuk!); (6) if owned with someone who becomes incapacitated, then you have to deal with their agent or the court; (7) there could be gift tax consequences to adding that owner. by Austin's affordable estate planning attorney for Wills & Trusts Mike Massey, JD, MBA.


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