Interpretation Of Omnibus Budget Reconciliation Act Of 1987: Implications For Estate Planning

Definition of "Omnibus budget reconciliation act of 1987: implications for estate planning"

Fannye Hunt, Real Estate Agent RE/MAX Of Lebanon County

Legislation that provides for the inclusion in the estate of the decedent of lifetime transfers that involve a retained life interest in the following manner:

decedent sells or gives to a family member a remainder interest in a business.
decedent transfers more than 50% of appreciation interest into a general partnership but retains the limited partnership interest.
decedent sells or gives to a family member more than 50% of common stock interest in a corporation but retains the preferred stockinterest in the corporation.