Estate Planning Mistakes: Improper Ownership of Assets

by | May 12, 2022

End-of-life planning can expose oversights surrounding ownership of assets.

Owning property jointly with your spouse can create creditor protections and efficiencies when the property is transferred upon the first spouse’s death. Additionally, while it may seem enticing to add your children onto your property now, you are setting up your children to be liable for capital gains taxes. Rather, with ownership of assets, there are deeds that can be put in place to ensure that your children receive the property, while also affording them a huge tax benefit called a “step-up in basis.”

Estate Planning and your assetsTaking asset ownership too lightly or improperly executing it can cause problems when it pertains to your estate and end-of-life planning.


First, figure out what and where your assets are. Second, understand how they fit into your estate plan. As part of our process when working with clients, we provide them with a Questionnaire that helps identify assets, ownership and beneficiary designations. This allows us to give our clients a well-rounded picture of where their assets will go upon their passing and to offer guidance on what steps should be taken to make sure the assets reach their intended recipient. You can book your complimentary initial consultation online, or contact our office at 719-259-4971.