Jointly owning property to save tax? Why married couples must also plan for ownership and inheritance

Couples should focus on establishing shared ownership of assets and developing a continuity plan to access these in case of emergencies. It's crucial to clearly identify the funding sources for joint properties to avert any tax conflicts. Supreme Court rulings clarify that a nominee serves as a custodian rather than an owner. Drafting a Will detailing asset ownership helps avert disputes among nominees and legal heirs.

from Tax-Wealth-Economic Times https://ift.tt/jLDQXah