joint ownership

(redirected from Jointly Held Property)
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Translations

joint ownership

ncomproprietà
References in periodicals archive ?
The proposed changes did not limit the surviving spouse's interest to the decedent's probate estate, as the assets of the surviving spouse were a part of the calculation, as well as the receipt of death benefits that are not currently part of the elective share, including but not limited to, life insurance, pensions, retirement plans, trusts and jointly held property. This approach recognized the contributions of the spouses to the acquisition of assets during the marriage, which was more in line with modern notions of property, as opposed to obtaining a set portion of an estate.
"The property has been owned for decades by a group of local investors, and they decided to liquidate this jointly held property and capitalize on the current strength of the market," said Yankelovich.
Examples include jointly held property with survivorship rights, life insurance, retirement accounts, and employee death benefits.
In addition, the full value of assets that are jointly held with the noncitizen spouse is included in the resident spouse's estate if the resident spouse dies first and contributed all of the assets to the jointly held property. For example, in 2015, if the resident spouse plans to leave assets of more than the estate tax exemption of $5,430,000 to the noncitizen spouse, then the amount in excess of $5,430,000 will be subject to federal estate taxes at a rate of 40%.
Jointly held property. Under IRC section 2040(a), if property is held by a decedent and other persons as joint tenants with the right of survivorship, the value of the jointly held property generally included in the estate of the first joint tenant to die is based on the amount of consideration the deceased joint tenant originally provided to acquire such property and to pay for subsequent capital improvements thereon (Treasury Regulations section 20.2040-1[c][3]).
Jointly held property. Note that the "stepped up" basis rule applies only to property includable in the decedent's gross estate for federal estate tax purposes.
Jointly held property and property that is transferred automatically to a designated beneficiary, such as life insurance proceeds and retirement plan assets, are often subject to estate tax, but these amounts do not become part of the estate for income tax purposes.
Countries there have developed different legal structures to cater for equivalent situations and many of these, like savings, inheritance, jointly held property, pensions and charities "are not caught by the Third Directive," says STEP.
(7) certain jointly held property where another party will obtain the decedent's interest at death by survivorship;
Premarital assets have a way of increasing in value, and couples use them to purchase jointly held property, such as a new home or vacation house.