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Show on Mi L Jill Joiiii GTJfl 3F3ill0 Gooi You? Many persons, particularly mamed couples, believe this convenient and popular type of ownership is suited to their needs. The chief advantage being that when one co-owner dies, the surviving owner immediately im-mediately and automatically becomes the full owner of the property. Prorute delays and other difficulties are bypassed in the distribution of jointly owned property. THIS IS true, but in many cases there are disadvantages of joint ownership which must be considered For example, the Utah State Inheritance Tax and the Federal F-State Tax which must be paid on all estates over JhO.ooO is a consideration, considera-tion, the effects c4 which not many couples understand. Did you knew, for example, that the enure estate may he taxed upon the death of the first co-owner, and at the death of the second co-owner (survivor), the entire estate could be Laxed again? MR. AND Mrs. X owned total to-tal real estaie and securities worth about i'HJU.Miu in joint tenancy and were satisfied all would pass to the survivor without any problems of taxes, wills and probate After talking to his banker. Mr. X found out that upon his death the entire estate would be taxed, less the marital deduction, deduc-tion, in the amount of 1H.750. This was more than he had expected, but he was really surprised to find out that the same estate would be laxed again upon the survivor's death in the amount of $ti5.310, or a total of SlliO.OrtO. on top of which costs of probate upon the second death would be approximately approxima-tely $12,000. Hence without planning, over a third of their estate could be spent in taxes which Mr. and Mrs. X planned (or their children. AFTER PLANNING his estate es-tate with his trust officer and his attorney, who drew up a trust and a will, Mr. X found that his estate would save $27,450 on the first death and a total of $51,510 on both deaths. Needless to say. Mr. X is happy for the time he spent with his lawyer and trust officer. i-uRjuR-r example is inai oi a widow's estate which was placed in joint tenancy with her two children and herself. The family home was a half block away from a commercial commer-cial area which was encroaching upon them, so she decided to sell the house after receiving a very good offer. HEN THE deed was to be signed, she had to have the signature of her daughter and her son. as well as the signature signa-ture of her son's wife. ho also received an interest in the home through marriage to the son. The son was getting a divorce and the daughter-in-law refused to sign the deed, but used this as a lever to obtain a larger settlement. As a result the deal fell through and the widow, in attempting at-tempting to save taxes and attorney 's fees, was really the loser. Another pnlem which can be caused by putting into joint tenancy assets owned or purchased by one individual is that such a transfer may be making a gift in the eves of the Federal government and thus be subject to gift taxes. THE SITUATION can be embarrassing and. should a tax have been due, there may be substantial interest penalties penal-ties to pay for those years during which the tax "dehn-guency" "dehn-guency" ran No responsible person would want to put himself or his family in such a situation. Consider the situation of the man who entered into a second marriage and put his estate in joint tenancy, since he expected to die first and trusted that his wife would take care of his children by his first wife His second wife did not have a will and they were both involved in an automobile au-tomobile accident. He died first, so his wife inherited the estate. A few hours later his w,' A of invert , d'ng to (V , ' - sister. The man i CP got nothing. : " H'LE JOINT may be desirat)!e ' f"m a tax sund-v,"." Of $NMJ lni can seetha. the t legal prtiemsn estates wtuch mav Purpose desire b dividual wtopmuv ' m joint tenancy " . Aside (mm "the tu -vaniage. if yniT held jointly. ir .' ns may end up ' ?' may pass to vour r- ' while i hey are still ." ' TNs means appo:n'.-' -guardians bv tr Cni. , mav not apprMnt v'' yourself would ant 4. guardian does rvx ti,, . leeway in manaa."' property that ,' him to have nh a ' j can give the chi;C. . ) ben-fu of compete!' ma lagement of the p-. ano with a trust tv P -1. . tan be kept safe y live. IF YOU have jom- , property, it is $uitii-v: -you review arrangements w ih Hv -officer and your .mon ' |