Q: Only the wife is on the deed of real property. The husband passes away. Can the wife disclaim the property?
My parents were married for over 50 years. For some unknown reason, my father put the deeds to all his real property in my mother's name only (primary residence, vacation home, vacant lot, and 6 condos which are investment properties). For NJ estate tax purposes, can my mother disclaim any of these properties up to the $675,000 NJ limit so we can get the stepped up basis?
Thank you.
A: Maybe, more information is needed and the will would have to be reviewed and remember time limits do apply so I suggest a consultation with a lawyer, it may cost a few bucks but could be worth it in the end.
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