Comments on: Unified Credit Estate Tax Exemption – The Real Reason Not to Have Joint Accounts

By: Estate Tax Exemptions Question | Ask Mr Credit Card's Blog

Estate Tax Exemptions Question | Ask Mr Credit Card's Blog — Mon, 23 Mar 2009 14:28:07 +0000

[...] is a question related to a very old post I did about estate exemptions and joint accounts. So, I will give a stab at it, but in future, we’ll probably keep the Q&As within the [...]

By: Donna Freeman

Donna Freeman — Thu, 19 Mar 2009 10:54:46 +0000

Opps my first post had a wrong e mail.

Be careful of accounts that are “joint” or that have been set up with a beneficiary as these accounts transfer to the beneficiary and not into the trust.

Here is my question… my dad’s planning and Will had specifically allowed two rental properties to be the “remainder” (not specifically given to his wife)of his estate. The remainder is to go into the Trust that was set up prior to his death. The trust allows that the income is to be used by his wife (principal if needed). The catch for me is that the appraisals of the two properties came in at about $800k. Hi lives in NJ which has a $675k exemption cap.

How do we report (form 706)and title the two properties so that $675k worth of the value is in the trust and the other $175k counts toward the marital unlimited exemption?

By: Mr Credit Card

Mr Credit Card — Mon, 27 Oct 2008 16:38:10 +0000

Janis

Joint accounts refer to any accounts that are jointed – whether it is a bank account or property.

By: Janis Hudac

Janis Hudac — Mon, 27 Oct 2008 14:23:42 +0000

Re: unified credit trust.

When you refer to “joint accts” do you mean Checking accts?
All of the properties are in my name alone, and of course IRA’s and Stock/Mutual Funds etc. are also owned separtely by my husband and myself.
Thank you.

By: 91 Ways To Wealth: The Carnival of Personal Finance, Epic Journey Edition » Silicon Valley Blog About Money

Mon, 25 Jun 2007 12:02:30 +0000

[...] Uh oh! Could this be trouble ahead for me? Mr Credit Card from Ask Mr Credit Card is now warning us about why we shouldn’t have joint accounts! This is bad news for me because all our accounts are joint! His post, Unified Credit Estate Tax Exemption – The Real Reason Not To Have Joint Accoints, will now find itself in my tax guy’s mail box for scrutiny! [...]