joint tenancy

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Related to Joint tenancies: tenancy in common, Joint Tenancy With Right of Survivorship

joint tenancy

Ownership of property by two or more persons in which, upon the death of one, his interest devolves upon the other or others until a sole owner survives.
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Thus, for instance, Ohio courts eliminated joint tenancies with
Formalism in the Severance of Joint Tenancies, 77 NEB.
This "one-half inclusion rule" for spousal joint tenancies is simple compared to the inclusion rule for non-spousal joint tenancies, which is covered next.
For nonspousal joint tenancies, the entire value of the property is included in the estate of the first joint tenant to die unless the decedent's estate can prove that the survivor provided some consideration for his interest.
Instead, under the general rules pertaining to joint tenancies between other than husband and wife, 100% of the consideration for the joint tenancy will be presumed provided by the first to die, absent proof (tracing) of independent consideration provided by the survivor.
The fact that qualified disclaimers are now possible for joint tenancies with right of survivorship and some tenancies by the entirety is good news for clients who may otherwise find themselves taking unused unified credits to their graves.
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