My wife and I want to open up a joint checking account. We live together and have been married for about a year. I had a few questions of a financial/tax nature when it comes to estate planning and taxes. I make roughly 2x-3x what my wife makes in a given year (depends on the year). We filed separately last tax year, but will most likely file jointly this tax year because she is not working and we now have a dependant.
Here are my options with a 'joint' account:
-- Joint Tenant With Rights of Survivorship - Your share of the account will pass to the surviving owner(s) in the event of your death.
-- Tenants in Common - A two tenant account where your share of the account will pass to your estate in the event of your death.
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Are any advantages/disadvantages (financial or legal -- though I totally understand this is not a legal forum) for either of us with the above options in the event that there is a separation/divorce?
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More importantly, in the event of death, are there any federal or state tax advantages/disadvantages to: a) either of us who would survive the other b) the person handling the estate if we are both dead
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Anything else I am not thinking of?
Submitted August 06, 2017 at 12:36AM by jpriddy http://ift.tt/2wwlBov
