Holding property as joint tenants with right of survivorship – Another possible advantage

William P. LaPiana, (Rita and Joseph Solomon Professor of Wills, Trusts, and Estates, New York Law School) and Marc S. Bekerman (Associate Director of New York Law School Graduate Tax Program) have recently published their article entitled Obtaining a Full Step-up in Basis for Jointly Held Property Between Spouses, Prob. & Prop., Jan./Feb. 2008, at 62.

Here is an introduction to their article:

Holding property together as joint tenants with right of survivorship has numerous advantages to spouses. Among the advantages are asset protection, disability planning, and possible avoidance of a probate or administration proceeding on the death of the first spouse. Because most assets can be held in this manner, many married couples own a substantial portion of their property in this form. This article will review a possible additional advantage [that is, obtaining a full step-up in basis] that may be available to a surviving spouse of jointly owned property in jurisdictions that have favorable law and when proper planning is done both before and after the death of the first spouse.