65) However, as mentioned above, this would not affect the shared exclusivity of their right of possession, as unity of possession applies equally to joint tenancies
and tenancies in common.
31) The four unities, present from the earliest descriptions of joint tenancies
, persist in modern law.
The downside of joint tenancies
is their tax implications.
Severance of joint tenancies
, as I mentioned above, is number 10.
interests: joint tenancies
, tenancies in common, and tenancies by the
For post-1976 spousal joint tenancies
treated as separate property, since only the decedent's 50 percent portion is includible in his gross estate, only a 50 percent step-up would be available.
There was a general protocol that joint tenancies
were offered to established couples, not to cross generation relationships.
2518-2 (c)(4)(ii) provides a special rule with respect to joint tenancies
between spouses and tenancies by the entirety in real property created after 1976 but prior to 1982.
However, a post-mortem planning opportunity may exist in cases involving unilaterally severable joint tenancies
, by which the decedents unified credit could be utilized to a greater advantage.
The three common forms of joint tenancies
are: tenancy in common, joint with rights of survivorship and tenancies by the entirety.
While joint Aboriginal title may have some characteristics in common with both joint tenancies
and tenancies in common, it must be kept in mind that it is a sui generis interest that cannot be equated with any common law interests.
Thankfully, on December 31,1997, almost one and one-half years after issuing the proposed regulations, the IRS promulgated final regulations with regard to disclaiming joint tenancies