Omnibus Budget Reconciliation Act Of Implications For Estate Planning

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

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.

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