Be careful of accounts that are “joint” or that have been set up with a beneficiary as these accounts transfer to the beneficiary and not into the trust.

Here is my question… my dad’s planning and Will had specifically allowed two rental properties to be the “remainder” (not specifically given to his wife)of his estate. The remainder is to go into the Trust that was set up prior to his death. The trust allows that the income is to be used by his wife (principal if needed). The catch for me is that the appraisals of the two properties came in at about $800k. Hi lives in NJ which has a $675k exemption cap.

How do we report (form 706)and title the two properties so that $675k worth of the value is in the trust and the other $175k counts toward the marital unlimited exemption?

Joint accounts refer to any accounts that are jointed – whether it is a bank account or property.

When you refer to “joint accts” do you mean Checking accts?
All of the properties are in my name alone, and of course IRA’s and Stock/Mutual Funds etc. are also owned separtely by my husband and myself.
Thank you.