Gift taxes have never been an issue. Without going into details let me just say my ex-wife, kids and I have been co-owners (JTWROS) of multiple Bank Accounts going back 30-40 years or more. Legally all money going into or out of these accounts has been their money as much as mine from the day the accounts were opened. To the extent I don't withdraw money from these accounts (which I haven't since I retired about 20 years ago) what remains in them is theirs. When I die all they have to do is take Death Certificates to the Banks and have my name removed from the accounts. As far as I know the only thing I own that technically should go through Probate is my 2011 Mazda3. The only other things in my name are interests in a couple of race horses which (like TimeShares) are more liabilities than assets...
George
My parents did this with their bank accounts as well. So the money is still yours as well. We never touched their money when they were alive as we still considered it theirs. After they passed, however, it was pretty easy to go to the bank and withdraw money.
But- There are reasons not to do this, however. One is if anything happens and your kids are sued, they (and you) can lose that money. Two is if your kid gets a divorce, the wretched spouse can also go after the money. Three- your kids can go haywire and wipe out the accounts on bad stuff. I guess if you don’t care it doesn’t matter.
This is why we never added our son as a co owner to our accounts- only as a beneficiary. POD or TOD.
My husband and I are Power of Attys for each other in case one is incapacitated. I have my brother as my secondary but my husband had his sister and she is deceased now. So we need to get them revised and add our son. Of course, we have wills.
As for the car, my mom always signed the back of the titles and kept them in her safe. No probate needed. I am thinking of doing the same thing. An atty I mentioned it to thought it was very interesting...