Estate Planning Comment of the Week

WEEK OF: November 19, 2006

JOINT TENANCY WITH CHILDREN

How many of you own assets in joint tenancy with a child?  Usually parents do this to avoid probate. However, did you know you cannot sell or mortgage real estate in joint tenancy with your child unless the child and the child's spouse signs the deed or mortgage?  Also, if your child suffers a judgment or tax lien, that lien will also be a liena gainst the proeprty you own in joint tenancy with your child? The consequences of using joint tenancy for estate planning can be disastrous. At POSTIC & BATES, we can show you several ways to avoid these unfortunate consequences using careful estate planning.  Come let us help.