myoceansoul
Junior Member
I am looking for some help I am working on a IRS Form 706 for a California couple in a community property state. The wife passed away in July of 07 and were trying to limit the husband's estate tax exposure in the future.
The estate is worth $4 million gross so were trying to use as much of the wife's $2 million credit as possible by avoiding passing the assets to the husbands surviving trust to be taxed. Half the assets are titled Joint tenancy which are mandatory martial deduction which will pass to the survivor's trust.
The other half of the assets are titled in the name of revocable family trust which are considered community property according to the trust language. My question is the following. Do the family trust titled assets which are community property have to be included in the mandatory martial deduction as were trying to use as much of the $2million exemption as possible for the wife's 706?
I also have assets retitled from Joint tenanacy to the trust name after the wife died on 7/27/07. Are these assets considered joint or trust assets for the 07 706?
[email protected]
The estate is worth $4 million gross so were trying to use as much of the wife's $2 million credit as possible by avoiding passing the assets to the husbands surviving trust to be taxed. Half the assets are titled Joint tenancy which are mandatory martial deduction which will pass to the survivor's trust.
The other half of the assets are titled in the name of revocable family trust which are considered community property according to the trust language. My question is the following. Do the family trust titled assets which are community property have to be included in the mandatory martial deduction as were trying to use as much of the $2million exemption as possible for the wife's 706?
I also have assets retitled from Joint tenanacy to the trust name after the wife died on 7/27/07. Are these assets considered joint or trust assets for the 07 706?
[email protected]