joint ownership

(redirected from Jointly-Held Property)
Also found in: Financial, Encyclopedia.
Related to Jointly-Held Property: Jointly Owned Property
Translations

joint ownership

ncomproprietà
References in periodicals archive ?
Note, however, that it is not illegal to require a non-obligated spouse to sign a deed of trust, mortgage, or other instrument necessary to create an enforceable security interest to an item of collateral, or, in the case of an unsecured creditor, a similar instrument that would ensure the creditor could reach the jointly-held property upon default whenever such property materially affects whether the obligated spouse is creditworthy.
(184) Taking this ability into account, lenders may be "short-circuiting" the ECOA by simply requiring a spousal guaranty instead of just obtaining a spouse's signature on security agreements for only the jointly-held property necessary to raise the primary spouse's creditworthiness status to an acceptable level.
This article was written to aid practitioners in calculating the survivor's basis in jointly-held property. To that end, the author suggests that the reader keep this article in a convenient location and refer to it as questions in this area arise.
The advantages of joint tenancy and tenancy by the entirety are that it is simple to arrange, and that, at the death of all joint tenants except the last one, title to the jointly-held property passes to the surviving joint tenant without the delay, expense, or legal entanglements and confusion of probate.
However, there are two glitches to be taken into account: 1) the income tax basis for the surviving spouse in the jointly-held property; and 2) the impact of jointly-held property on the use of the unified transfer tax credit of Sec.
Exploring all legislation and regulation in this complex, changing area of taxation, this book covers key topics including: deathbed transfers, charitable trusts, valuation, gifts to minors, unified credit, jointly-held property, proceeds of life insurance, qualified domestic trusts, marital deductions, common disaster provisions, powers of appointment, etc.