My question involves real estate located in the State of: New Jersey.
Regarding life estates in NJ. If parents has deeded their house to sons 15+ years before their death, and parents held life estate rights until death. The dead was in sons name. Does the house have to be included in the net worth of the parents estate. In NJ estate tax is required for estates greater than $675,000. Does anyone have experience with this? My attorney and NJ state that the value of the house at death be included in the estate value. I was lead to believe for several years that it was not. Thank you.