joint ownership

(redirected from Jointly Held Property)
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References in periodicals archive ?
Section 6321 does not expressly limit valuation discounts for jointly held property.
If a person has a negative net worth at death, creditors may be able to go after any jointly held property.
This avoids the need for probate on jointly held property.
In addition, surviving spouses may not disclaim certain jointly held property because of the spouse's control over the property.
A word of caution: Jointly held property will pass directly to your surviving spouse and will not be available to fund the credit shelter trust under your will.
You must determine which assets pass under your will (for example, property in your name only) and which do not (for example, jointly held property and life insurance payable to a spouse).
In Quebec, Cambior and Cambiex have successfully negotiated funding commitments from new partners for most of their jointly held property positions, including the Lesperance, Flavrian and Montbray properties.