Consequences of Conveying Joint Tenancy Property or Tenancy by the Entirety Property to an Irrevocable Inter Vivos Trust

dc.contributor.author Harl, Neil
dc.contributor.department Iowa State University Digital Repository
dc.date 2018-02-19T05:31:02.000
dc.date.accessioned 2020-06-29T22:56:49Z
dc.date.available 2020-06-29T22:56:49Z
dc.date.embargo 2017-11-29
dc.date.issued 2011-05-13
dc.description.abstract <p>It’s been a perplexing problem for years but it seems to be increasing as more of the situations come to light – years ago, grandparents conveyed property owned in joint tenancy (or tenancy by the entirety) to an irrevocable inter vivos trust with retained life estates for each of the grandparents and with a remainder interest to the children. As a variation, the grandparents in setting up the trust gave life estates to the children with a remainder interest to grandchildren. The grandparents are now deceased and the questions are two fold – (1) what is included in the gross estates of each of the grandparents and (2) what is the basis in the hands of the children (or grandchildren)?<strong>1 </strong>The problem is drawing attention, partly because of the rapid escalation of farmland values (many of the trust situations involve farmland or vacation property) and partly because income tax considerations are now viewed as more significant than federal estate tax problems with the $5 million applicable credit amount available, at least for 2011 and 2012.<strong>2</strong></p>
dc.identifier archive/lib.dr.iastate.edu/aglawdigest/vol22/iss9/1/
dc.identifier.articleid 2078
dc.identifier.contextkey 11172970
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath aglawdigest/vol22/iss9/1
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/3605
dc.source.bitstream archive/lib.dr.iastate.edu/aglawdigest/vol22/iss9/1/AgLawDigest_v22n09_01.pdf|||Fri Jan 14 17:50:46 UTC 2022
dc.subject.disciplines Agricultural and Resource Economics
dc.subject.disciplines Agricultural Economics
dc.subject.disciplines Agriculture Law
dc.subject.disciplines Public Economics
dc.title Consequences of Conveying Joint Tenancy Property or Tenancy by the Entirety Property to an Irrevocable Inter Vivos Trust
dc.type article
dc.type.genre article
dspace.entity.type Publication
relation.isJournalIssueOfPublication 6fa2fab9-5e2b-402f-9ef0-79f22fe80c7c
relation.isOrgUnitOfPublication d2bcee6c-7cba-4fa7-bd11-543354ce7b1b
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