One of the issues that arises most often in estate planning and elder law is joint ownership and whether to make children or others the joint owners of property. Joint ownership is not as simple as it may first appear. Prior to transferring property into joint ownership status, remember that joint ownership has different legal effects or ramifications for each of the following: probate, income tax, estate tax, gift tax, inheritance tax, creditors, safety of funds, Medicaid, Veterans benefits eligibility, SSI, and more. Consult with your advisory team (attorney, CPA, financial advisor) prior to re-titling assets into joint ownership.
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