Joint Tenancy or Community Property with right of survivorship for my wife and I?

Question

Guys,

My wife and I will be buying a house in the coming month and we are deciding what do with the ownership method. It's between joint tenancy (right of surv) or community propery with right of surv.

Both of which would have automatic transfership if one spouse should do die. The only difference that I could see is that tax implications. Any thing else? any advice?

thanks in advance folks!

For to mentioned, we are in CA.

community property, not tenants in common.

Answer 1

Better go with the joint tenancy since upon death, the deceased's interest passes to the suvivor without passing thru the estate..hence no estate tax on the interest...whereas with the tenancy in common, the deceased's interest must pass thru the estate and will therefore be subject to the death tax.....but when in doubt, always get the POV of an estate attorney

Answer 2

A choose can't implement an unlawful settlement. Signing the deed as husband and spouse at the same time as they were no longer makes the settlement unlawful because it may't be community resources in the journey that they don't look maried. the in undemanding words way Jane might want to probably have made it stick is that if she had stayed for 7 years; the time it may take for her and Dick to be seen undemanding regulation husband and spouse. Dick needs to tug all his workplace artwork at the same time with reference to the first divorce and information that Jane left him for someone else. He should be o.ok. in spite of the undeniable fact that it may take a wrestle.