If own a house as joint tenants with rights of survivorship, if one joint tenant dies will the surviving partner have to pay inheritance taxes?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If own a house as joint tenants with rights of survivorship, if one joint tenant dies will the surviving partner have to pay inheritance taxes?
Unmarried couple.
Asked on May 1, 2011 under Estate Planning, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Generally speaking, when parties obtainproperty through rights of survivorship they avoid inheritance tax. That is because you are really not "inheriting" property from another party. The property passes to you by operation of law, meaning it does not pass through an estate of the decedent. It passes outside the estate. Only property that passes through an estate is subject to inheritance tax. It is true that generally property with rights of survivorship is held between married couples but siblings often hold it that way as do many other types of people who plan well. If you need to do any estate planning then you need to speak with someone in your area. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.