google bot detected Omnibus Budget Reconciliation Act Of Implications For Estate Planning | Insurance Glossary | Realestateagent.com

Omnibus Budget Reconciliation Act Of Implications For Estate Planning


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

Gary  Scott
  Ultimate Realty

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:

  1. decedent sells or gives to a family member a remainder interest in a business.
  2. decedent transfers more than 50% of appreciation interest into a general partnership but retains the limited partnership interest.
  3. 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.



Related Real Estate Glossary terms

Related Real Estate FAQ