New law on intrafamily transfers of real property.

Happy New Year!  Effective December 31, 2013, a transfer of residential real property to a family member will no longer result in an uncapping of the taxable value of the property - under certain circumstances.  First, the transfer must be to a spouse, father/mother (of you and/or your spouse), child, child's spouse and siblings.  Second, subsequent use of the property cannot change.  There are other intricacies of the new law, which you should discuss with your estate planning attorney.  Don't miss this new estate tax avoidance opportunity and ring in the new year by creating a new, or modifying your existing,  estate plan, will and/or trust.

Karie H. Boylan, Attorney specializing in Estate Planning & Litigation