In November, 2005 my elderly parents transferred their condominium unit (jointly owned) to myself and my brother for a "consideration" of $1. The unit had an assessed valuation of $355,000 in a town which assesses at full value. My mother remained as a life tenants on the deed, with my brother and myself as remaindermen. My father was not a life tenant. He recently passed and all of his property passed to his spouse (my mother) under the will. This all occurs in New Jersey. Questions.
1 What is the value basis, for estate tax and income(capital gains) to my brother and myself on; A. The date of original transfer (November, 2005).B. The date of my fathers passing (June 2006).
C. If my mother elects to leave the unit (giving up her life tenancy) to move to assisted living or a nursing home, a real very possibility.
D. If she remains in the unit until her passing.
- How do we remove the life tenancy in case of voluntary moving or death, As a side note, I have full financial power of attorney of my mothers affairs.
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