QUESTION: Should I put all of my assets in joint tenancy?

ANSWER: No! There are times when titling a particular item of property in joint tenancy makes sense.  However, putting all your assets in joint tenancy, especially without proper planning, can be disastrous.

Your joint tenant isn’t just a signer, he or she owns an undivided one-half (½) of your assets. Nothing prevents a joint tenant from clearing out all of your bank account; and nothing prevents a creditor of your joint tenant from executing judgments against your joint tenant’s interest in your property. Putting your assets in joint tenancy will not protect them from Medicaid and certainly won’t solve your estate planning issues.

If your will says “leave everything to my daughter,” but your assets are in joint tenancy (with right of survivorship) with your son, then your son will take everything when you die; not your daughter.

For more information contact Kathy Tatone, Your Family Guardian Law Firm, 612-604-5146, 4500 Park Glen Road, Suite 220, St. Louis Park, Minnesota 55416.