Laws, Regulations & Annotations

C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0881

220.0881 Wills. A parent's transfer of property by will to his/her children in equal shares makes the children "owners in common" of the estate property. A child's claim that the parent had taken title to his/her undivided interest in a residence at the time of purchase merely as a security device, in order to secure the repayment of funds advanced by the parent in the purchase of such residence, must be substantiated by clear and convincing evidence. Without such evidence, the property would pass to the children for which the parent-child exclusion is available. Any subsequent transfers between the siblings would be considered changes in ownership for which no exclusions are available. C 6/5/1989.