Joint ownership of real estate is very complicated in Michigan, and can lead to unintended future owners and unnecessary increases in real property taxes. I have extensive experience in joint ownership and taxation rules in Michigan, and will work with you to make sure your property transfers to the correct persons and does not accidentally uncap the property taxes.
One common mistake we often see is a misunderstanding between “joint tenants with full rights of survivorship” and “tenants in common.” If a joint tenant passes away, the remaining owners inherit the entire property. But if a tenant in common passes away, that person’s interest stays with their estate. We often see a deed written one way, when the other was intended, especially when parents are passing property to children.
And if you own a vacation property that is used by many family members during the year, such as a cabin up north or condominium boat slip unit, I have experience setting up family limited liability companies to help set the rules and expectations for use of the property.
If you have questions about the correct form of joint ownership for your Michigan real estate, please contact Attorney Adam Zuwerink at firstname.lastname@example.org or 616-834-0262 for more information about the joint ownership legal services that our firm provides.