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May 2015 Archives

Where To Keep Your Will: Conclusion

There are other options to the safe in the spare bedroom or den. Keeping your will in your safe deposit box at your bank is the option I usually recommend, so long as no one has access to the box who could benefit by a destruction of the will. I recommend that you drive immediately from the lawyer's office to the bank to put your freshly signed will into your safe deposit box.

Where To Keep Your Will

Please don't keep your will at home. A couple of recent cases have prompted me to revisit the answer to the question of where you should keep your will.

Joint Ownership And Its Risks: Conclusion

Taxation of Joint Accounts

Jointly held property is very common, but its taxation is commonly misunderstood. On any joint account, the owner of the funds in the account is responsible for paying income tax on the account's earnings. Which of the joint owners receives the 1099 from the payer is not dispositive of who should pay the income tax. The bank will issue a 1099 to only one party, and the bank is not responsible for determining whose funds are in the account. It is up to the joint owners to properly report the income.

Joint Ownership And Its Risks

Joint tenancy is a type of co-ownership under which if one co-owner dies, the surviving co-owner becomes the owner of the property at the moment of death. The property does not pass under the decedent's will and does not pass through probate. But joint property can create many problems. If you take my advice, you'll "stay away from expensive joints.

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Lancaster, PA 17603

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