Legal Question in Wills and Trusts in New Jersey
Assets in whose name
If both husband and wife die at the same time, does it save tax money after their death if all their major assets are put in the same person's name? Our home is jointly owned, should our cars be too, or should we keep all of our assets in one person's name? Thanks.
Asked on 6/04/02, 11:54 am
1 Answer from Attorneys
Jonathan Chester
The Law Office of Jonathan S. Chester, Esq., LLC
Re: Assets in whose name
It depends. You really need to list all of your various assets indicating how each asset is owned. If your estates will be subject to estate tax, depending on the total value, it may make sense to divide the assets approximately equally rather than own everything jointly.
Answered on 6/04/02, 1:14 pm
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