Which of the following is NOT true of joint tenants with right of survivorship ownership between spouses?

The assertion that the full value of property held in joint tenancy between spouses is includable in the gross estate of the first to die is not true. In joint tenancy with right of survivorship, when one spouse passes away, the surviving spouse automatically inherits the decedent's share of the property, and that share does not get counted in the gross estate of the deceased for estate tax purposes. Instead, only the portion that the deceased spouse actually owned prior to their death is included in the gross estate.

Understanding the nature of joint tenancy ownership is crucial. This form of ownership allows for the seamless transfer of property upon death, avoiding probate for the deceased spouse's portion. Consequently, it plays a significant role in estate planning and asset protection strategies, ensuring that the surviving spouse retains full ownership without the full value of the asset being subjected to estate taxes at the first spouse's death.

It's also important to recognize the nuances in options provided. The indication of financial guidance not being offered with the transfer process, the lack of estate planning for the surviving spouse's heirs, and the specific details around stepped-up basis in non-community property states all highlight critical factors in estate management and taxation that would need to be considered separately from the inclusion of full property value in the