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Article: Joint ownership of property: two's company, but is three a crowd? (accounting for three-way joint tenancy with right of survivorship)
- Article from:
- The National Public Accountant
- Article date:
- January 1, 1994
- Author:
CopyrightCOPYRIGHT 1994 National Society of Public Accountants. 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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One of the most troubling areas in estate planning is the treatment of property owned as joint tenancy with right of survivorship (JTWROS) and tenancy by the entirety. This area becomes more troublesome when three-way JTWROS ownership of property is involved in the gross estate of a decedent spouse. As a general rule, tenancy by the entirety is limited to joint ownership of property by husband and wife and, in many states, only to their ownership of real property. Joint tenancy with right of survivorship permits co-ownership of both real property and other types of property (stocks, bonds, automobiles, bank accounts, etc.) between husband and wife or two or more ...