- If a husband and wife convey property to the wife's mother for life and the remainder to the wife and the wife's sister, how is the transaction taxed?
The conveyance of the life estate is taxable unless the consideration is less than $100. The conveyance by the husband and wife disjoins their tenancy by the entirety. The conveyance of the life estate to the wife's mother is not exempt from SRETT. If the property is held by the wife and the wife's sister as joint tenants (and not as tenants in common), the joint tenancy is exempt under MCL 207.526(r).