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Husband died in 1974 leaving community property residence in Santa Cruz mountains FMV $34,000. Surviving Spouse was advised to deed the property to her four children and retain a life estate. Property is now worth $3-4million. Having retained a life estate, will the total FMV of the property be included in surviving spouses estate at death, and thus subject to estate tax? Should the life estate be terminated to avoid this? Or is there a better solution. Thanks in advance, Linda
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