[WSBAPT] joint tenancy property agreements

[Sharon Rutberg]

Hello, listmates -

 

Does anyone out there have experience with "joint tenancy property
agreements"? My clients, a same-sex couple, executed one some years ago,
after buying a home together but before marrying or forming a registered
domestic partnership. The agreement recites that they hold their home as
JTROS and spells out the amount of equity each would receive if they split
up and sold the property.  

 

They married recently, and are updating their estate plan. I'd like to
advise them of the pros and cons of keeping the JTROS and JT agreement vs.
converting their home to community property. There could be a benefit as to
getting a full step-up in basis at the first death, but I want to understand
any other ramifications. 

 

Thanks,

Sharon 

 

Law Office of Sharon C. Rutberg, PS

1734 NW Market St.

Seattle, WA 98107

Website: www.sharonrutberglaw.com <http://www.sharonrutberglaw.com/>  

206-409-2604

email at sharonrutberglaw.com

Washington State Bar #47055
D.C. Bar #420576

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