Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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P

625.0000 PARENT-CHILD TRANSFER

Annotation 625.0250

625.0250 Wills. Where real property is transferred by will from a parent to her son provided the son pays a specified sum of money to his sister, an equitable charge is created giving the sister a security interest in the real property but not a beneficial interest. The son, therefore, receives the entire present beneficial interest in the real property from his parent for purposes of the parent/child exclusion and no ownership interest in the property is acquired from his sister. C 2/14/1995.