Many spouses hold property as joint tenants. Generally, that's a bad idea and here's why. If you and your spouse hold assets as community property, when one spouse dies, the other spouse can sell the property without taxes (all prior capital gains are erased). But if the property is held as joint tenants, the deceased party has the capital gains erased on his half but tax is due on the other half sold by the surviving spouse.
What about joint tenancy with your kids? Bad idea. If your son is in a car accident and gets sued, the plaintiff can come after the assets you hold jointly with your son and force the sale of that asset.
Simple estate planning mistakes can have BIG costs. This is an area where many people miss even the basics. If you want to get educated fast, bring in your statements and deeds and we'll do an estate planning review.
If you'd like to learn more, check the coupon for an article we can send you on the basics.