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Posted by KB on June 29, 2006, 12:35 am
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In November, 2005 my elderly parents transferred their
condominium unit (jointly owned) to myself and my brother
for a "consideration" of $1. The unit had an assessed
valuation of $355,000 in a town which assesses at full
value. My mother remained as a life tenants on the deed,
with my brother and myself as remaindermen. My father was
not a life tenant. He recently passed and all of his
property passed to his spouse (my mother) under the will.
This all occurs in New Jersey. Questions.
1 What is the value basis, for estate tax and income(capital
gains) to my brother and myself on;
A. The date of original transfer (November, 2005).
B. The date of my fathers passing (June 2006).
C. If my mother elects to leave the unit (giving up her
life tenancy) to move to assisted living or a nursing
home, a real very possibility.
D. If she remains in the unit until her passing.
2. How do we remove the life tenancy in case of voluntary
moving or death,
As a side note, I have full financial power of attorney of
my mothers affairs.
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