How should jointly owned property be handled for someone that passed away in Feb 1981? The probate took a few years and the finial decree was in 1983. It appears 100% of all the jointly owned assets passed to the spouse, and almost nothing was put into the Trust for the kids. From what I found below this looks wrong?
http://www.nytimes.com/1983/07/24/business/personal-finance-when-his-and-hers-beats-ours.html
Too much jointly held property can limit estate planning options and raise the taxes paid by your heirs. Until 1982, the entire value of jointly held property was generally included in the taxable estate of the first spouse to die - except to the extent that the survivor could prove how much he or she paid toward the property, generally a difficult task.
But the Economic Recovery Tax Act of 1981, which went into effect last year, makes it important for couples to reassess jointly owned property and consider dividing it up for estate purposes. Under the law, only half of all jointly held property is included in the estate of the first spouse to die, regardless of who paid for it. The law now also provides an unlimited marital deduction, so there are no estate taxes on the estate you leave to your spouse, no matter how sizable.
http://www.nytimes.com/1983/07/24/business/personal-finance-when-his-and-hers-beats-ours.html
Too much jointly held property can limit estate planning options and raise the taxes paid by your heirs. Until 1982, the entire value of jointly held property was generally included in the taxable estate of the first spouse to die - except to the extent that the survivor could prove how much he or she paid toward the property, generally a difficult task.
But the Economic Recovery Tax Act of 1981, which went into effect last year, makes it important for couples to reassess jointly owned property and consider dividing it up for estate purposes. Under the law, only half of all jointly held property is included in the estate of the first spouse to die, regardless of who paid for it. The law now also provides an unlimited marital deduction, so there are no estate taxes on the estate you leave to your spouse, no matter how sizable.