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Estate Alert - Common Misconceptions about Joint Accounts and Joint Ownership

By Lori Duffy, Hayley Peglar | WeirFoulds LLP | NOVEMBER 11, 2015
Elderly parents will often put their money into bank accounts held jointly with their adult children, or transfer real property into a joint tenancy with one or more of their adult children. Sometimes, this is done for expediency so that an adult child can help manage the asset. In other cases, this is a planning technique used to avoid estate administration tax when the parent dies.