Quote:
Originally Posted by manaboutown
Joint tenants with right of survivorship (JTWROS) is a type of ownership in which all joint owners have equal portions of ownership that are immediately allocated to remaining owners if one owner dies.
Joint Tenants With Rights of Survivorship |
I think that is a good idea for a husband and wife. But, it is not a good idea for a parent and child for several reasons.
1. If the child is in debt, a creditor could put a lien on the house.
2. You would need the child's permission to sell the house.
3. The child may have to pay capital gains tax when they sell the house, because they will not receive a stepped up cost basis when you die.
4. If they move in, you can't legally throw them out.