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Article: Recent rulings illustrate use of joint tenancy disclaimers in postmortem estate planning.
- Article from:
- The Tax Adviser
- Article date:
- June 1, 1992
- Author:
CopyrightCOPYRIGHT 1992 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The IRS recently issued two letter rulings that confirm its new, liberalized position on disclaimers of a decedent's interest in certain jointly owned property. The Service's new position opens the door to postmortem estate planning in situations in which joint tenancies with right of survivorship or tenancies by the entirety would otherwise have undesirable estate tax consequences.
Joint tenancy
may be inappropriate
The typical form of home ownership among married couples is a joint'tenancy with right of survivorship or, in some states, a tenancy by the entirety. In either case, each spouse owns an undivided interest in the property - ...