No reason to get all huffy Duey? It was a "one line" suggestion with the understanding that we live in DIFFERENT Countries, sobeit I may be a little ignorant about US Tax Laws? I've done a fair bit of 'estate planning'; although I'm not an expert as the thread requested.
I am truly ignorant to your tax systems, but here in Canada we have something called 'Death Taxes' and Inheritance Taxes and the Gubmint can really be a beeOtch to deal with when dealing with estates of any value; such as a million dollars posted herein.
I have seen families stripped of wealth during the process. By having two people on title the property is held from the estate. Of course, the sooner you do this the better; but it's never too late imo! I would at the very least consult with an expert on the issue. Sure, most often it's only a postponement of the inevitable.... but postpone away I say! The less value in the estate at death, the better.
There are things to consider like if any of the assets have been claiming deprication or losses; has the asset increased in value since it was aquired?, are there any 'business' interests involved? You may have very well pointed out
the most NEGATIVE possibility that could occur in the event of having someone on title; however it was only a two cent suggestion AND one that is VERY MUCH warranted to be reviewed. It's a very simple solution to a very complicated matter in most scenarios.
I admit that I'm not an expert, but I do employ some of Canada's finest (and most expensive) tax accountants and we are constantly exploring methods of tax planning....... so don't confuse me with the RE girl that sold you your house? Accountants and Lawyers NEVER tell me what to do; they only give me advise AND something always goes ding-a-ling in my mind when I hear a lawyer giving advise; Ha, Ha, my bad
It's a BIG subject, I'd be getting some real advise and not from the braintrust of PPOT?
I'm a developer, paying taxes to us is like wiping your arze when you take a $hit dude......... that's about a nickels worth for ya now! bye bye councillor.
DEATH and TAXES in Canada LINK
Getting advice
Bear in mind that the situations outlined here are simple summaries of often complex
tax scenarios. All cases should be dealt with on an individual basis, and professional
legal and tax advice should always be obtained when dealing with estates.