estate tax and a deed to the condo

Discussion in 'Estate Planning, Creating Wills & Trusts' started by mopamopa1, Jul 10, 2011.

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  1. mopamopa1

    mopamopa1 Law Topic Starter New Member

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    My wife and I reside in nys in a condo. The title to this condo is in my name only.
    I do not have children and my will stipulates that upon my death my wife will be come a sole beneficiary.
    Given the above described circumstances ,does it make any difference,for the purpose of the NYS and federal estate tax,whether the title to the condo is in my name only or in both names.?
    If in fact it makes a difference ,does the completion of the waranty deed(husband to himself and wife) form and the warrany deed,tenants by the entirety,and not tenants in common or joint tenants form, signed by a notary public,is sufficient to consider my wife to be a coowner of the condo or some additional steps are required?
     
  2. Michael M. Wechsler

    Michael M. Wechsler Administrator Staff Member

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    So you own a condo in your name in New York. I am guessing that there will be a difference between having title in your name or in both your names because, as joint owners, there is no property transfer to your wife since she owns the property at death. If you are the sole owner, then the title to the property must pass and will through probate. With regard to real estate ownership, a deed should be recorded as well at the county clerk within the New York county that your property is located. I highly advise discussing this and all estate planning matters with an experienced estate planner / attorney and potential a good accountant as well. The amount of money paid as a result of estate tax can be dramatic even as the result of some choices that could easily have been remedied.
     
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