Some key terms:
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[*]Joint Tenancy: Property is owned by two or more persons at the same time in equal shares. Unity of time, title, interest, and possession is vested in each joint tenant (four unities). Each joint tenant has an undivided right to possess the whole property and a proportionate right of equal ownership interest. When one joint tenant dies, his/her interest automatically vests in the surviving joint tenant(s) by operation of law. Words in the deed such as "John and Mary, as joint tenants with right of survivorship and not as tenants in common", establishes title in joint tenancy. Some states do not allow this form of property ownership.
Community Property: In states that recognize community property, a special form of joint tenancy exists between husband and wife, with each owning a one-half interest. Upon death, the decedent's interest passes in a manner similar to tenants in common. Words in the deed such as "John and Mary, husband and wife as community property", establishes community property ownership.
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Before we had our trust up and running, Mrs. IR2 and I held our properties as CPwRoS.
Now our RE holdings are property of our trust.
I'd strongly suggest consulting a tax attorney to find out what makes sense for YOU.
-IR2
