The Speier Court next considered whether a joint tenancy deed is sufficient to “transmute” the character of community property to separate property. ), who outlive you (whether they are grown or not) then half of your separate property probate assets will go to your spouse and the other half to your issue; B. If one of the joint tenants sells or conveys the interest created in a joint tenancy to another person, the joint tenancy is broken, and a. It determined that the trial court acted well within its discretion. — If a party alleging that property held in joint tenancy was meant to be separate, to prevail there must be either a clear designation of that intent, or enough evidence to overcome the presumption of community property. Gift tax—Depending on who the joint tenants are, there may be gift tax implications for transferring or tilting property in joint tenancy. By deed or by will. Citizen: If a spouse gifts half of an interest in real property to their spouse who is not a U. The terms of either a joint tenancy or tenancy in common are outlined in the deed, title, or other legally binding property ownership document. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. Contact Adam today at 480-750-7337 or by email at adam@gundersonlawgroup. In those cases where no deed is recorded, California law requires property owners to file a Change of Ownership Statement (COS) whenever real property or locally assessed manufactured homes change ownership. Basis Step-Up with Joint Tenancy H and W purchased a house for $500,000 (original basis) in 2000 and took title as joint tenants. The three right of survivorship deeds are: joint tenancy, tenancy by the entirety, and community property. However, if the spouse’s efforts during. Contract of sale or granting of option to purchase, to third party, by both or all of joint tenants or tenants by entirety as severing or terminating tenancy, 39 A. R. Surprise Arizona Warranty Deed for Husband and Wife to Five Individuals as Joint Tenants A professionally-drafted document by US Legal Forms can help you spend less time and costs, and stress. ( In re Reed (9th Cir. 546 (2005). On. How you can complete the Quick claim deed with right of survivorship form on the web: To get started on the blank, utilize the Fill camp; Sign Online button or tick the preview image of the form. Note: Arizona is a community property state. These forms of ownership are not limited to real estate. When a joint tenant dies, title to the property is automatically conveyed by operation of law to the surviving joint tenant(s). 2. Which of the following statements regarding a joint tenancy is FALSE? Joint tenants each have the right to use the whole property. (Don't include the quotes. Tenancy by Entirety 1. Mrs. 84 million without paying any federal estate or gift tax. Quit Claim Deeds. In Arizona, deeds of trust are creatures of statute. Prescott & Yavapai County Probate, Boundary Disputes, Easements, Quiet Title, and Partition Lawyer - GoodmanLaw - call (928) 445-3230 now. “In order to constitute a joint tenancy, four requisites must exist, namely: The tenants must have one and the same interest; the interest must accrue by one and the same. You are merely signing over your legal interest, if any, in the property. Property or money acquired by gift, will, or inheritance is also separate property, even if it is received during the marriage. Tempe Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy Obtain a form and reuse it as many times as you need, or use US Legal Forms integrations with PDF editing and electronic signing solutions to prepare the form. S. A conveyance of real property that is executed pursuant to a court order. It is also sometimes used for business purposes. Tenancy by the Entirety. Adam practices primarily in the areas of business and family-based immigration, trusts and estate planning, and business planning. However, there are contrary arguments that can be made, including fraud or mistake, or the fact that the community paid the mortgage and other expenses associated with the home. the gift or inheritance is classified as marital property, which can be divided between the spouses. 020 3370 8784 / Email Directly. If you wish to terminate your joint tenancy while retaining an interest in the property, there are a few options to consider. Size of Probate Homestead. The creation of a joint tenancy has important legal consequences. 2d 1317, 1332; see Code Civ. They acquired the property at trustee sale and took title subject to an existing mortgage. First, the Siberell Court stated that “from the very nature of the estate, as between husband and wife, a community estate and a joint tenancy cannot exist at the same time in the same property. If this instrument establishes the real estate as one spouse’s separate property, such as a. The common law system provides that property acquired by one member of a married couple is owned completely and solely by that person. Description Az Deed Form Arizona. E. Washington State. Tempe Arizona Agreement Converting Joint Tenancy Property into Community Property - Deed Obtain a template and reuse it as often as you need, or use US Legal Forms integrations with PDF modifying and electronic signing platforms to prepare the form. If the couple divorces or obtains a legal separation, all of the community property is divided evenly (50/50). When multiple people own property in Arizona, they are usually referred to as concurrent estates. Property acquired by either spouse during the course of a marriage is considered marital property. Graber, 170 Colo. But everyone receives a lifetime higher estate and gift tax exemption of $12. Draw your signature, type it, upload its image, or use your mobile device as a signature pad. A joint tenancy can be created only by the intentional act conveying a deed or giving the property by Will, not implied or created by operation of law. Property § 33-405. On the death of the tenant in common the deceased persons ownership in the property is left to his or her heirs or as specified by Will. 37, 38, 155 N. Joint tenancy is a type of property ownership between two or more owners. Person A pays $75,000 and Person B pays $25,000. If you are using our service the very first time, follow the instructions below to get your Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy quickly: Make sure that the document you find applies in the state where you live. Upon death, the interest passes in accordance with either a will or the laws of intestacy. ) “A joint tenancy is an estate held by two or more persons jointly, each having an equal right to its enjoyment during his or her life. Berger acknowledges that. FindLaw's top 10 reasons unmarried partners owning property as joint tenants is a good idea are below. With joint tenancy, multiple owners end up sharing equal ownership rights. Joint tenancy with right of survivorship (“joint tenancy” or “JTWROS”) is just one of numerous ways multiple persons can hold title to real property. If both spouses’ names are on the title, each. App. 6-2716 and 6-2717. There are three common forms of home ownership. As of July 20, 1996, the Arizona legislature effectively abolished the requirement of the "straw deed" and the necessity of joint. Most importantly, a joint tenancy creates a “right of survivorship,” which means that when one owner dies, his or her interest passes to the. A deed that conveys an interest in real property, including any debt secured by a lien on real property, to a grantee beneficiary designated by the owner and. The partners may hold different percentages of the. Deeds are provided for individuals, corporations, Limited Liability Companies and husband and wife. Separate(The root of. So if Pat and Terry own property as joint tenants, and Pat signs a deed transferring their interest to themself — the two joint tenants’ interests have different start dates, and the right of survivorship is lost. Joint Tenancy Deed Related Forms View North Carolina Instructions For Petition And Order Of Expunction Under G. provides a variety of Deed Forms for Arizona residents. by gift, or as an individual heir or devisee of a deceased. Tenants in common, like joint tenants, share the right to possess, sell, and encumber the property. 1990). The primary feature of joint tenancy is the right of survivor-ship, the jus accrescendi. Joint tenancy is a legal term for an arrangement that defines the ownership interests and rights among two or more co-owners of real property. Gift of joint interest is irrevocable. If you have. A deed to two or more new owners only creates a joint tenancy if the deed expressly states that the new owners take title as joint tenants. After completing the deed, it is recorded in the local registry of deeds. Note that a joint tenancy with rights of survivorship can be severed if one of the co-owners deeds all or part of that person’s ownership interest to another party, or puts it. However, any money earned or assets acquired before marriage by a spouse is the separate property of that spouse. S. 4 million (exclusion amount): Have asset Real Estate VESTING OPTIONS in Arizona Include: COMMUNITY PROPERTY: Arizona is a community property state. Different forms of holding title among multiple owners have differing legal ramifications, especially upon the death of one or more of the co-owners. 1. Which one of the following statements regarding different forms of property co-ownership is CORRECT? A) Joint tenancy with right of survivorship (JTWROS), tenancy by the entirety (TBE), and community property (CP) are all forms of co-ownership that can be used by a husband and wife. 02. (c) A party shall be reimbursed for the party's separate property contributions to the acquisition of property of the other spouse's separate property estate during the marriage, unless there has been a transmutation in writing pursuant to Chapter 5 (commencing with Section 850) of Part 2 of Division 4, or a written waiver of the right to. "Half" relatives inherit as if they were "whole. A joint tenant can indeed sever the right of survivorship WITHOUT the consent of the other joint tenants. D. In a dissolution of marriage, the court can’t order a substantially unequal division of property held in joint tenancy for the purpose of reimbursing the spouse who used separate funds to acquire property. d. Estate in Severalty – property is owned by one owner. 262, 267. Joint tenancy is one form of co-ownership. When a joint tenant dies, the other joint tenants automatically inherit the property. R. This means that the transfer of property from one party to another was ordered by the court. § 704. How to fill out Arizona joint tenancy deed: 01. Sunwest Bank (In re Fingado), 113 Bankr. In “joint tenancy,” each owner has an equal and undivided interest in the property. How does the state characterize property taken by spouses under a deed reflecting that the property is held in joint tenancy? Strong presumption that it is community property. The decedent's property interest transfers automatically to the joint tenant. A joint tenant can indeed sever the right of survivorship WITHOUT the consent of the other joint tenants. This dictates that when one of. The Components of a Gift Deed. John and Ted remain joint tenants owning two-thirds interest. Transferring the property may incur transfer taxes, which must be paid at the recording. Affidavit of Property Value – *Required for every deed or transfer of ownership (*except for property that is transferred through quitclaim for no monetary exchange or for a nominal amount. Type text, add images, blackout confidential details, add comments, highlights and more. At Keystone Law Firm, we use our estate planning experience to help clients like untangle property issues relating to your estate plans. Separate property is owned by an unmarried person or owned by a person before marriage. Of course, if the title or deed to a piece of property is put in the names of both spouses, however, then that property would belong to both spouses. A spouse's real and personal property that is owned by that spouse before marriage and that is acquired by that spouse during the marriage by gift, devise. Prepare the transfer instrument and file it at the Singapore Land Authority with. R. Surprise Arizona Joint Tenancy Deed from Husband and Wife to Husband and Wife A professional document by US Legal Forms will assist you to spend less money and time, and stress. Use of word "joint" or "jointly" in provision of deed other than the granting or habendum clause as indicating intent to create a joint tenancy rather than one in common between the grantees, 157 A. S. The. A joint tenancy can only be created by intention or by will, not by implication or operation of law. However, a couple can formally agree to hold real property as joint tenants. R. Consequently, Jane’s reasons for placing the property in joint tenancy were the result of misinformation. B) JOINT TENANCY Where there is a joint tenancy, all of the co-owners or “joint tenants” are said to own the entire property as one, with no distinct shares. [8:119:1873; B § 158; BH. This means that when one owner passes away, their share of the property automatically transfers to the surviving owner (s) without going through probate. By the intentional act of conveying a deed or giving the property by will or living trust. A joint tenancy is severed by (a) mortgage or creation of a deed of trust, (b) transfer to a revocable or irrevocable trust, (c) contract to convey the property, or (d) destruction of one or more of the four unities; and the result is the failure of the right of survivorship. A joint tenant may sever a joint tenancy by conveying the property to himself or herself as a tenant in common without the need for an intermediary strawman. General Warranty Deed Form. Create a new document called a deed transfer. Unity of time - all joint tenants acquire their interest at the same time 4. The Court of Appeals agreed with the general proposition that placing the property in joint tenancy constitutes a gift to the community, but noted that jointly held property was subject to equitable, not equal, division. Monday through FridayWith a joint tenancy with a right of survivorship, by law, the interest of the deceased partner is simply extinguished, so the surviving partner will own the entire property. Separate ranges with a colon. Estate Tax upon Joint Tenant’s Death p. Joint Tenancy: A joint tenancy deed is the most common type of co-ownership structure in which right of survivorship is included. If one joint tenant dies, the surviving joint tenant. To search over specific document types, uncheck "Search All Types" and select the document types from the list. Ashley later sold it for $600,000. You may qualify for the co-tenancy exclusion if you file an affidavit with the county assessor when your brother dies. In a divorce, the separate property belongs to the spouse holding title, while community property belongs to both spouses. Disadvantages of joint tenancy. 2. Click on the New Document option above, then drag and drop the document to the upload area,. Simply put, suppose a couple bought their home for $20,000 in 1955. The individual circumstances of your case will impact property division in your divorce. Smith, Real Property Survey, page 114, West Publishing, 1956. If you are a co-owner or a joint tenant of property owned as a joint tenancy, that property automatically passes at your death to the remaining joint tenants without the expense and delay of probate. For Arizona the primary methods for holding title in co-ownership are tenancy in common, joint. property that the spouses have agreed (in writing) is separate, usually through a legally valid prenuptial or postnuptial agreement, and. As Petty’s MD, John steers the ship. the deed must specifically state the parties' intention to create a joint tenancy and the parties must be explicitly identified as joint tenants. ” (See Lonergan v. If I understand your situation correctly, you disclaimed your entire ownership in the house and gave your interest to your husband. How does that impact the person who formerly owned the property alone? When property is titled solely in your name, you alone can sell it or refinance it. Joint Tenancy in Real Property—The Title Insurer's Viewpoint H. R. The deed to your property specifies the type of ownership you have. S. In high-net-worth divorces, the distinction between marital and separate property is rarely black and white. Consider the possible impact of dower on a TOD. R. it is clear that a substantial gift would have taken place the moment he made Liz a joint owner on the deed. transmuted into separate property. If real property is owned as joint tenants with the right of survivorship or as community. a deed or will) (4) Unity of interest. - from Nolo dictionary of legal terms, separate property ; ↑ Although joint ownership allows a. §33-405 (statute includes a sample form) • Beneficiary deeds (A. C)Joint tenancies can only be severed with the permission of a court. L. You may owe your spouse’s debt even if you knew nothing about it. A deed conveys the ownership of property from a seller (“grantor”) to a buyer (“grantee”). These are the ways to take title in Arizona: Community Property, Community Property With Right Of Survivorship, Joint Tenancy With Right Of Survivorship, Tenancy In Common, Trust (With A Trustee), Sole And Separate Property, Corporation, General Partnership. It is commonly used to ensure that surviving parties can keep the property if they are a joint owner and the other owner becomes deceased. Category: Asset Protection, Irrevocable Trust. This concept is slowly. Sole And Separate Property In New Mexico, property can be owned as separate property, community property, in joint tenancy, or as tenancy in common. If you leave a will stating otherwise, the deed overrides the terms. “This conveyance changes the manner in which title is held, grantor(s) and grantee(s) remain. First, you and your co-tenants can agree to convert the joint tenancy into a tenancy in common. A person may make up to $13,000 per person in 2011 (andA quitclaim deed to quiet title as described in A. result of commingling community and separate property in arizona; increased value of a business in an arizona divorce; gift of separate property through a. Upon the death of an owner, the decedent’s interest ends and the survivor owns the property. A joint tenant can indeed sever the right of survivorship WITHOUT the consent of the other joint tenants. Gather all necessary information: You will need the names and addresses of all joint tenants, as well as a legal description of the property. Egizii, (Ariz. PROPERTY RIGHTS AND LIABILITIES. Joint tenancy may have other consequences. A sheriff’s deed is a deed granted at the end of a mortgage foreclosure, in which the sheriff, under the order of the court in the foreclosure case, grants ownership of the property to the successful bidder at the sheriff’s sale. A transfer solely in order to provide or release security for a debt or obligation, including a trustee’s deed pursuantBackground. Each joint tenant must have estates of the same type and same duration. A property owner can record a deed retitling Wyoming real estate in the name of the owner and another person to create a joint. Discover all you need to deal with papers in electronic format on one platform: up-to-date blanks, PDF editor, and electronic signing functionality. Tenancy in Common: Two or more persons may hold title to real property as tenants in common. • A gift of lands to two or more persons in joint tenancy is such a gift as imparts to them, with respect to all other persons than themselves, the properties of one single owner. Concurrent ownership exists where two or more people own property together, with neither person having exclusive use and possession of any specific part of the property. In many states, 4 unities must be satisfied to create a joint tenancy: unity of possession; unity of interest;All joint tenants must agree to the sale or mortgage of the property. Joint Tenancy: A type of property right where two or more people own or rent a property together, each with equal rights and obligations, until one owner dies. The most controversial feature of a joint tenancy is not the relationship among joint tenants while both or all are living, but theWhen recorded, a special warranty deed conveys an interest in real property to the named grantee with limited warranties of title. Arizona does not levy a state gift tax, but gifts of real property are still subject to the federal gift tax. Selected as best answer. Create Document. If fractional interests are stated, they must total 100%. L. 1945 secs. Unity of Possession - all joint tenants hold an undivided right of possession 2. the interest in real property conveyed by a beneficiary deed is the separate property of the named grantee beneficiary and is not community property. For property tax purposes, a joint tenant's interest can be transferred into a revocable trust without severing the joint tenancy if the other joint tenant is the present beneficiary. If one joint tenant passes away, their ownership share in the property is passed on to the remaining joint tenants. Make adjustments to the template. When one spouse is a not a U. spouse signing a quitclaim deed to the property. The probate-avoidance part of joint tenancy works only at the death of the first co-owner. the recipient spouse keeps the gift as separate property, but the gift’s value is factored in when dividing marital property, or. Much like the accidental misspelling of quitclaim as quick claim, a quitclaim deed document is a fast way to transfer real estate title from one owner to. If all the marital property is owned as joint tenants, then at the time of the first spouse’s death, nothing needs to happen to transfer property. 1991) 940 F. SEPARATE PROPERTY. Joint Tenancy is the most common type of co-ownership title. 9 Code §2040 requires complete inclusion of JTWROS property in the gross estate of joint tenant – except for such portion as is contributed by the other joint tenant. Unlike tenants in common, joint tenancy has several requirements that must be met in order to be properly created. The other children are. S. 820). 50/50 Community Property Division. Separate property includes all property that a spouse obtained before marriage, through inheritance, or as a gift. 2018) WL1755415, an unmarried couple purchased a residential property and held title as joint tenants for approximately thirty years. Pennsylvania is an equitable distribution state. MARITAL PROPERTY RIGHTS AND LIABILITIES. separate property character of an asset acquired by spouses during marriage. Not every deed that describes the co-owners as joint tenants is sufficient to create a joint tenancy. “The law in this state recognizes that a joint tenancy may be held by two or more persons in personal as well as real property. There is unity of interest. Grant Deed. A tenancy in common is created by a tenancy in common agreement. NRS 123. 12 In F. Part of your divorce involves dividing your property and debts. Joint Tenancy. (In re Marriage of Rossin (2009) 172 Cal. It shares many of the characteristics of community property but adds the benefit of the right of survivorship similar to title held in joint tenancy. A boat, owned and registered in your name, which you bought during your marriage with your income. Property law in Arizona falls under ARS Title 33 of the Arizona Revised Statutes, and joint tenancy with the right of survivorship is under ARS Title 33-431 of the same Statutes. B and A each hold a 50% interest. An ‘Affidavit-Death of Joint Tenant,’ executed by plaintiff and appended as an exhibit to plaintiff’s third amended complaint, indicates that the property was acquired by a joint tenancy deed ‘executed by Jettie N. It’s also things like a bank account, pension, 401k, or stocks. Joint Tenants. This means that the deed will not protect the grantee against title issues that arose prior to the time the grantor acquired title. was to them as separate individuals and not to them as a unit. . Arizona adopted a new form of title called. A joint tenant can indeed sever the right of survivorship WITHOUT the consent of the other joint tenants. N. )The property deed and state law determine the legal nature of homeownership. The following are community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Hard feelings may develop if only one child’s name is included on the property deed and other children are excluded. m. Olson with a right of survivorship. Tenants in common have separate titles,. Megarry and Wade,JOINT TENANCY. In Arizona, property law is governed by ARS Title 33. Joint tenancy is a form of ownership where both people share ownership equally. The building would have to be sold upon Bob's death. as joint tenant with Bob's heirs. State probate law determines whether property passes without probate. Posted on Apr 29, 2011. In Arizona, all property acquired by a couple after marriage is presumed to be community property. No. Under §1014(b)(6) the tax basis of the entire property is stepped-up (or down). Upon the death of an owner, the decedent’s interest ends and the survivor owns the property. When a property is held in joint tenancy, it means that two or more people own it equally. Virginia. In Arizona, the most common type of deed is a Warranty Deed. Decision. See N. created a tenancy in common, not a joint tenancy, because the gift. You may unintentionally create a taxable profit for your heir. You can choose more than one person as your grantee or another legal entity. The co-owners, or co-tenants, are commonly categorized as either joint tenants or tenants in common. There are many reasons why it may be a very bad idea to transfer property into, or to own property in, joint tenancy: Prescott AZ lawyers. Transferring or Adding Someone to the Title of a House in Arizona. App. Upon an owner's death, that owner's. — If a party alleging that property held in joint tenancy was meant to be separate, to prevail there must be either a clear designation of that intent, or enough evidence to overcome the presumption of community property. 566. Property will automatically transfer to the surviving owner at death if it is titled with right of survivorship (as tenancy by the entirety, joint tenants with rights of survivorship, or community property with rights of survivorship). Equal between (or among) all of the joint tenants. A co-tenant cannot sell or transfer the other co-tenants' interests in the property. Tempe Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy Obtain a form and reuse it as many times as you need, or use US Legal Forms integrations with. S. 9. A tenancy by the entirety is a form of joint ownership that protects property from creditors of either spouse. (which exists when they have an account registered as either ‘joint tenants with rights of survivorship’ or ‘joint tenants by the entirety’), each spouse is presumed to own 50% of the account. (480) 467-4325 or fill out the form below to schedule a consultation and discuss your best legal options. What my colleagues are warning is that there are more to consider that the mechanics, and I. Warranty Deed to Separate Property of one Spouse to both as Joint Tenants: In this type of deed, the separate property of one spouse is transferred to both spouses as joint tenants. A joint tenancy is severed by (a) mortgage or creation of a deed of trust, (b) transfer to a revocable or irrevocable trust, (c) contract to convey the property, or (d) destruction of one or more of the four unities; and the result is the failure of the right of survivorship. All tenants must become joint tenants at the same time, and via. The Long Answer. Compare to Joint Tenants. Call us at (480) 418-8448. Each owner can have a trust that owns a one-half interest in the property as a tenant in common with the other half owner’s trust. You can change this only by giving up your rights in the home. 13 If this occurs, does a gift presumption apply. Other simple and expedient methods exist to plan an estate, whether the estate is large or small. g. While alive, Mrs. 2004) defines dower as “a wife’s right, upon her husband’s death, to a life estate in one-third of the land that he owned. 84 million without paying any federal estate or gift tax. Updated October 03, 2023. Egizii, (Ariz. ’Plaintiff avers by the same. B)Tenancy by the entirety is a special form of joint tenancy only available to residents of Louisiana. A joint tenancy deed can be established without rights of survivorship and the property share would pass to the designated beneficiaries. Community Property With A Right Of Survivorship. Revise it with your favored offline or online editor, fill it out, sign it, and. In order for a spouse to take sole ownership in Arizona, the deed must show the property to be the owner’s “sole and separate property. 130. Monahan responds that any defect was cured when Mr. M. A spouse's real and personal property that is owned by that spouse before marriage and that is acquired by that spouse during the marriage by gift, devise or descent, and the increase, rents, issues and profits of that property, is the separate property of that spouse. Rul. It is only available in nine states currently: Arizona, California, Idaho, Louisiana,Nevada, New Mexico, Texas, Washington, and Wisconsin. However, the difference between joint tenancy with right of survivorship and community property with right of survivorship is that the joint. When you add your spouse to the deed, however, the spousal basis is still what you paid for the property. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. Arizona. Probate isn't required – the deed itself transfers the deceased spouse's ownership interest. That’s because you’ll need all of the owners to be available to sign over the deed. This is the case for properties owned by family members or friends as joint tenants with rights of survivorship. Thorsteinson commenced an action to set aside the. All joint tenants will have equal interests in the jointly-owned property, typically 50/50. Locate Kansas Warranty Deed to Separate Property of One Spouse to Both Spouses as Joint Tenants samples made by professional legal representatives and avoid the high-priced and time-consuming process of looking for an lawyer or attorney and then paying them to write a document for you that you can easily find on your own. a single estate in the unit, not separate interests in the individual. §33-431) are deeds whose language expresses that the grantees' The interests that joint tenants hold during their lives are equal and concurrent. Different forms of holding title among multiple owners have differing legal ramifications, especially upon the death of one or more of the co-owners. 4th 1068. Two or more persons may hold title to real property as joint tenants with the right of survivorship. Tenants in Common – This is how two or more people (co-tenants) may take title to property who intent their share in the property to be separate from the other on death. Convey Real Property Using Deeds • See A. Generally, a property that is acquired separately remains separate during the marriage. citizen, then a gift tax return must be filed if the total value. As discussed below, although common law joint tenancy has been abolished in Tennessee, a joint tenancy may still be created as a matter of contract. In Arizona’s version,. Thorsteinson executed a deed of gift which transferred farmland into joint tenancy with Mr. Though the arrangement will last as long as their marriage, it can be dissolved by mutually agreeing to gift the property to a different party, death, or divorce.