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LIFE ESTATES IN A CONDOMINIUM AND COOPERATIVE APARTMENT DID NOT DIMINISH VALUE OF THE PROPERTIES FOR ESTATE TAX PURPOSES.

The Second Department determined the value of properties transferred upon decedent's death was the fair market value at the time of death. The fact that decedent willed life estates in the properties did not diminish the value of the properties for estate tax purposes:

“Because the estate tax is a tax on the privilege of transferring property upon one's death, the property to be valued for estate tax purposes is that which the decedent actually transfers at his death rather than the interest held by the decedent before death or that held by the legatee after death” … . An estate tax taxes “not the interest to which the legatees and devisees succeeded on death, but the interest which ceased by reason of the death” … . “The value of every item of property includible in a decedent's gross estate … is its fair market value at the time of the decedent's death” … . An estate tax is a tax on the privilege of passing on property, not a tax on the privilege of receiving property; “[t]he tax is on the act of the testator not on the receipt of the property by the legatees” … .

Therefore, contrary to the petitioner's contention, the life estates in the condominium and cooperative apartment granted by the decedent to his longtime companion upon the decedent's death did not diminish the value of those properties for estate tax purposes and should not have been taken into account on the estate tax return. Matter of Cleary, 2016 NY Slip Op 04410, 2nd Dept 6-8-16

TRUSTS AND ESTATES (LIFE ESTATES IN A CONDOMINIUM AND COOPERATIVE APARTMENT DID NOT DIMINISH VALUE OF THE PROPERTIES FOR ESTATE TAX PURPOSES)/TAX LAW (ESTATE TAX, (LIFE ESTATES IN A CONDOMINIUM AND COOPERATIVE APARTMENT DID NOT DIMINISH VALUE OF THE PROPERTIES FOR ESTATE TAX PURPOSES)/ESTATE TAX (LIFE ESTATES IN A CONDOMINIUM AND COOPERATIVE APARTMENT DID NOT DIMINISH VALUE OF THE PROPERTIES FOR ESTATE TAX PURPOSES)

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