Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2013
Property Tax Annotations
625.0000 PARENT-CHILD TRANSFER
625.0145 One Million Dollar Exclusion. Wife dies and her interest in certain properties is transferred to an irrevocable trust. The trust provides for her husband to receive benefits for life, and their children hold the remainder interests. Upon the husband's death, the wife is deemed the grantor of the remainder estate. Since the wife is considered an eligible transferor of the property, her $1 million exclusion is available when the irrevocable trust terminates. C 3/29/2006.