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Definitions for: omnibus budget reconciliation act of 1987: implications for estate planning
omnibus budget reconciliation act of 1987: implications for estate planning

legislation that provides for the inclusion in the estate of the decedent of lifetime transfers that involve a retained life interest in the following manner:

  1. decedent sells or gives to a family member a remainder interest in a business.
  2. decedent transfers more than 50% of appreciation interest into a general partnership but retains the limited partnership interest.
  3. decedent sells or gives to a family member more than 50% of common stock interest in a corporation but retains the preferred stock interest in the corporation.

Copyright © 2000, 1995, 1991, 1987 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.

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Industry Associations

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American Academy of Estate Planning Attorneys
Attorneys providing estate planning services. Fosters excellence in estate planning; promotes successful practice of estate planning. Provides products, services, and technical support to members; serves as a clearinghouse on estate ...