February 22nd, 2010 | 
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My dad passed, living in NJ we have a $675k exemption limit rather than the Fed amount. We are desperate not to pay any death tax. We are also desperate to handle the finalizing of the estate without the costs of lawyers.
There is very little liquid funds, and they all transferred to his spouse via joint tenants, beneficiary designation or specifics of bequests through his Will. The problem comes in that he had two rental properties that were in his name only and they were not specifically bequeathed in his Will. The remainder of the estate is to go into the Revocable Trust that he had set up.
The intent of the trust was to hold $675k of value for the benefit of his kids with the income of the rentals to be used by his wife during the remainder of her lifetime. The trouble is that the appraised value of the two properties came in at a combined $800k.
How would we list these properties on Schedule M? How would we title the properties? If we split the title of one of the properties to show something like 60% “Name of Trust” and 40% “Name of spouse”, how does this 40% legally flow to the spouse since the Will says that the remainder of the estate goes into the trust? The Will gives the executix the power to make elections as necessary including QTIP and GST elections. Although I really could use some help understanding exactly when and how to use these options.
Can anyone help me?
Val Pardo
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