Putting assets in joint tenancy enables the surviving joint tenant to inherit those assets when you pass away. You can do joint tenancy with bank accounts, real estate, ownerships, and partnerships. The problem, however, with joint tenancy is that the other joint tenant will also own the asset beginning the time you put them into joint tenancy with you. There are tax consequences (i.e. income, estate, property, etc.) that can get quite complex and significant if not handled properly, so make sure to study joint tenancy well beforehand. If you have a very simple estate with one or two assets, joint tenancy will work. For older clients, putting their child on the bank account and the home as joint tenants allows the child to inherit those when the parents pass away. Any other assets you may have may not be covered under that circumstance though. The healthcare directive is also not included. Use joint tenancy very carefully, and remember that you cannot change your mind once you decide to do it.
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