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Posted by Dave W. on April 11, 2006, 3:31 am
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>> OK, once again - Page 74 "Living Wills and Trust" Probate
>> and Taxation, Holmes F. Crouch (2005) virtually identical
>> example to the OP situation. The amount included in the
>> estate of the son for the purposes of the estate tax (if the
>> son didn't contribute anything) - $- 0 -, zilch, nada.
> I will go take a look at the book. But for your information
> that book is not a scholarly treatise, it is not a book for
> tax professionals, but a book by an EA for the mass market.
> He has no special training and no inside information. So as
> far as I'm concerned if he did say what you claim, there is
> no reason to believe it is any more correct than the
>
> I've been doing estate planning for more than 25 years and
> have never seen anything authoritative that says what you
> claim. In fact, I've never heard of anyone claiming what
> you are.
> And certainly don't rely on the experience of someone who
> has no experience other than reading books by people with
> few credentials and published for the mass public, that are
> written to tell the reader just what he wants to hear.
There's not much more I can do to for you Stu.
Maybe I could do more research on court cases or go over the
federal tax "tracing rules" but I get the feeling you just
don't believe me!
But it's absolutely true (and it's discussed in other "mass
market" estate books) with the example of a widower who adds
a son to the title on a personal residence and the son dies
first but didn't contribute anything, with the consequence
of the son's federal estate tax valuation being $ - 0-. I
mentioned this once to an estate lawyer and she really did
ask what happens if both die in plane crash! All I can say
let's just agree to disagree --
The best part of this discussions is you can look at mass
market E A estate planning books to correct future clients
with estate planning misconceptions! (Maybe I'm been reading
"Estate Planning for Dummies" !)
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