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claim to household items.
Miss Genebach told the audience that the law was ambiguous as to whether joint bank accounts should be considered as part of the deceased’s estate or as an asset of the surviving spouse. “There’s case law on both sides,” she said.
Lee Albrecht stated that federal taxes are “possibly the largest aspect of inheritance” or estate planning. Federal tax is applied on all the assets that are owned at the time of death, including life insurance policies, according to Albrecht. Life insurance is considered an asset unless, he said, the beneficiary is “irrevocably designated.” Taxes are also assessed on jointly owned real estate, he noted, adding that “the taxation people have spent the last ten years trying to close all the loopholes that they can.”
Albrecht said that there had been a significant change in Internal Revenue Service attitude toward joint farm ownership in the past year. Previously, a women who survived her husband was not considered as as half owner of the farm unless she could prove that she had con
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