tseverson[at]mn.rr.com wrote:

- quote -

It depends on which state you're in, because each state may
have a different procedure and requirements. I'm referring
to non-tax things like the deed to transfer title and any
other notices required by your local government in
connection with the transfer.

- quote -

If your mother retained a life estate the entire value of
her home will be included in her estate for estate tax
purposes. So I don't think you need to file anything with
the IRS because they'll treat it as if it didn't happen.

- quote -

Where did the money come from and why was the transfer
made?

If it was all Mom's money to start with and was transferred
as gifts to the sons, she'll have to file a gift tax return
(form 709).

Stu

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For estate purposes we are transferring assets out of mom's
name into the names of my brother and myself.

Who needs to file what (which forms?), with whom, and when
in these two situations?

1. Mom (widowed in 2001) transfers title of her home in 2005
to her two sons and retains a lifetime estate for herself. A
lawyer drew up the documents but I am not sure which forms
such as form 709 now need to be filed. Is there anything
that needs to be filed before January 1, 2006?

2. Mom transfers $70,000 in 2005 out of a joint account with
her two sons into a joint account containing only her son's
names (Mom is no longer listed as a joint owner).

Mom had already gifted $11,000 to each son in 2005 before
these two actions listed above.

Thanks for your thoughts on this subject,
Terry

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >