Joint tenancy arrangements carry significant risks

Description

Abstract: One way some individuals sidestep the formalities of a will is to place property in “joint tenancy with the right of survivorship.” Under this arrangement, the property is co-owned by two parties, with ownership ceding to the surviving owner upon one party’s death. Although it sounds simple, joint tenancy carries significant risks. This article looks at the specific risks involved regarding legal conflicts, Medicaid disqualification and tax liability.