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Illinois Joint Tenancy and Gift Taxes

Avoiding probate is usually the most significant benefit of holding property in joint tenancy. Gift tax consequences are also important.

When a parent adds a child to the title of property as a joint tenant, the parent has made a gift to the child of one-half of the value of the property. If the value of the gift exceeds the annual gift tax exclusion amount ($13,000 in 2012), it is a taxable gift which requires the filing of a gift tax return. In some cases a gift tax must be paid.

Consult your estate planning attorney for further information.