Jeff, Dude, we keep butting heads here.
Normally I wouldn't notice, but we're talking about my bread and butter here.
If property, whether real or personal, whether tangible or intangible, is owned "X and Y, joint with rights of survivorship," then upon the death of either X or Y, the property becomes the asset of the survivor, free and clear of the creditors of the deceased.
Similarly, if the property is owned "X and Y and Z, joint with rights of survivorship," and X dies, then Y and Z own the property joint with rights of survivorship, and X's creditors don't come into the picture.
Of course, this has no meaning with respect to estate taxes, since the fed has a lien on the property from the moment of death.
Also, community property states are squirrely. |
