Most married couples own their home as survivorship marital property. At the first death, probate of the home is avoided because title automatically vests in the surviving spouse. To document that the surviving spouse is the owner of the property, Form HT-110 must be recorded with the local Register of Deeds. A problem arises when.
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On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 and the country avoided falling off the fiscal cliff. The Act contains important transfer tax provisions. Whereas the estate tax, gift tax and generation skipping tax exclusions were scheduled to revert to $1 million on January 1st, they are now set.
With the estate tax exemption amount uncertain after the end this year, it is more important than ever to think about planning techniques to minimize potential estate tax liability. One technique is creating what is known as a family limited partnership (“FLP”). FLPs are used to transfer wealth from one generation, typically an older generation,.