If Dan dies, his interest passes to his wife and children, not to Sam. If Sam dies, his interest passes to his wife and children, not to Dan. In the event of Dan or Sam's death, only the portion owned by each is subject to tax. Thus, if Dan dies, only his half of the tenancy in common property is subject to tax. Either Sam or Dan may sell his share.
Joint tenancy is one of the most popular and least understood means of owning property .
After a couple marries, they generally place property in joint tenancy. Joint tenancy with right of survivorship is a form of co-ownership in which two or more persons own the same property subject to the other joint tenant's ownership right. In general, a joint tenant may make lifetime transfers of his interest. When a joint tenant dies, his economic interest automatically passes to any surviving joint tenant or tenants. In other words, the surviving joint tenant owns the entire property subject to no other claims of ownership.