reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 9 - RETURNS, PAYMENT AND PENALTIES › Section 18:26-9.13 - Payment on executory devise or transfer subject to a contingency or power of appointment

Current through Register Vol. 56, No. 14, July 15, 2024
(a) With respect to the payment of the tax due on
				an executory devise, or a transfer subject to a contingency or power of appointment,
				any payment on such a transfer after the expiration of two months from the date the
				contingency occurs or the property vests, will bear interest at the rate of 10
				percent per annum from the expiration of the two-month period, until the date of
				actual payment.
(b) In any case where a
				contingent remainder vests in beneficial possession and enjoyment subsequent to the
				death of the original decedent, but prior to the expiration of the statutory
				interest period, interest on the contingent tax does not start to accrue until eight
				months from the date of death of the original decedent.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 9 - RETURNS, PAYMENT AND PENALTIES › Section 18:26-9.14 - Bond for failure to pay tax

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Where an executor,
				administrator, grantee, donee, buyer, beneficiary, or trustee fails to pay the tax
				due within eight months from the date of a decedent's death, such person is required
				to give a bond, on a form approved by the Director, to the State of New Jersey in
				double the amount of the tax to secure payment of any tax and interest which may
				become due.
(b) In the case of tax due
				on any sum recovered as compensation for the death of a person caused by a wrongful
				act, neglect, or default, the bond is required within eight months of the date of
				the award determination if the tax is not paid within 30 days of the receipt of the
				award or settlement.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 9 - RETURNS, PAYMENT AND PENALTIES › Section 18:26-9.15 - Composition or compromise of taxes, bond

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Director may
				enter into an agreement with the executor(s) or trustee(s) of an estate for the
				purpose of compounding the tax due upon such terms as are deemed equitable and
				expedient, where:
1. An estate is so created that
				the remainders or expectant estates are of such a nature or are so disposed or
				circumstanced that the taxes thereon are held not to be presently payable;
				or
2. The interests of legatees or
				devisees are not ascertainable at the death of the testator, grantor, donor, or
				seller.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 9 - RETURNS, PAYMENT AND PENALTIES › Section 18:26-9.16 - Composition of taxes, bond

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Where an estate is
				so created that the remainders or expectant estates are of such a nature or are so
				disposed or circumstanced that the taxes thereon are held not to be presently
				payable, or where the interests of legatees or devisees are not ascertainable at the
				death of the testator, grantor, donor or vendor, the Director may enter into an
				agreement with the executors or trustees of such estate for the purpose of
				compounding the tax due upon such terms as are deemed equitable and
				expedient.
(b) The payment of the tax
				due pursuant to a composition or compromise are conclusive in favor of the executor
				or trustee as against any cestui que trust and who possess a present right of
				enjoyment, interest in, or fixed, absolute or indefeasible right of future enjoyment
				in property and any cestui que trustents as would possess such rights in the event a
				particular estate would terminate.
(c)
				If the executor or trustee elects to defer the adjustment of the taxes due until the
				person or body politic or corporate beneficially interested in the property
				chargeable with the tax comes into actual possession or enjoyment of the property,
				such executor or trustee must execute a bond to the State of New Jersey in twice the
				amount of the tax imposed at the highest possible rate, with such surety or sureties
				as approved by the New Jersey Department of Banking and Insurance or by the
				Director, conditioned to pay the tax and interest at the time or period when such
				contingency occurs.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 10 - COLLECTION AND REFUND › Section 18:26-10.1 - Levy of tax; resident and nonresident decedents

Current through Register Vol. 56, No. 14, July 15, 2024
Levy of tax; resident and nonresident decedents Resident and
				  nonresident decedents' returns must be filed together with full payment of the tax
				  and interest, if any, directly with the Transfer Inheritance Tax Branch, PO Box 249,
				  Trenton, NJ 08695-0249. Upon filing of a return and payment of the tax, the Branch
				  will issue a notice of assessment showing the amount of tax due, the amount paid,
				  and whether interest is due or a refund is to be issued (see
				  N.J.A.C.
				  18:26-8.6, 9.4, 9.9, and 9.10)
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 10 - COLLECTION AND REFUND › Section 18:26-10.2 - Lien of tax; duration

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The New Jersey transfer inheritance tax
				whether or not assessed or levied constitutes a lien on all the property owned by
				the decedent as of the date of death for a period of 15 years unless sooner paid or
				secured by a bond.
(b) After a period of
				15 years from the date of a decedent's death has expired no proceeding may be
				instituted to assess and collect the New Jersey transfer inheritance tax or any
				interest or penalties due thereon. No notice or consent to transfer is required for
				the transfer of any real or personal property and no personal liability remains on
				any executor, administrator, trustee, grantee, donee, buyer, devisee, legatee, heir,
				next of kin, or beneficiary; however, this does not affect any right of the State
				under any certificate of debt, decree, or judgment for taxes, interest, and
				penalties duly recorded with the clerk of the Superior Court, or with any county
				clerk, or to assess and enforce the collection of any tax including any interest and
				penalties pursuant to the terms of any bond or other agreement securing the payment
				of the tax, interest, and penalties.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 10 - COLLECTION AND REFUND › Section 18:26-10.3 - Deduction or collection of tax before distribution

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An executor,
				administrator, or trustee having charge or holding in trust any property subject to
				the New Jersey transfer inheritance tax for distribution is to deduct from such
				property the transfer inheritance tax assessed and levied on the transfer prior to
				distribution to the transferee. In the event the property to be transferred is not
				money, however, the executor, administrator, or trustee is to collect the transfer
				inheritance tax assessed and levied from the person entitled to the property prior
				to delivering such property to the transferee, and unless such tax is collected, the
				executor, administrator, or trustee may not deliver or be compelled to deliver any
				property to a transferee.
(b) In the
				case of a legacy charged upon or payable out of real property, the heir or devisee
				is to deduct the transfer inheritance tax from the legacy and pay such tax over to
				the executor, administrator, or trustee who may enforce the payment of such tax in
				the same manner as the payment of such legacy may be enforced.
(c) In the case of a legacy given to a person in
				money for a limited period, the executor, administrator, or trustee is to retain the
				transfer inheritance tax due for the entire amount of money transferred; however, if
				such legacy is charged upon or payable out of property, other than money, the
				executor, administrator, or trustee, may, if he or she believes the same to be
				necessary, apply to the court having jurisdiction of his or her accounts to make an
				apportionment of the sum to be paid him or her by the legatee for the tax.
(d) An executor, administrator, or trustee may, if
				necessary, sell so much of the property of a decedent as is necessary to pay the New
				Jersey transfer inheritance tax due on the transfer of such property.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 10 - COLLECTION AND REFUND › Section 18:26-10.4 - Payment of tax collected; receipt

Current through Register Vol. 56, No. 14, July 15, 2024
An executor, administrator, or trustee who has retained or
				  received the amount due for transfer inheritance tax on the transfer of property is
				  required to pay the Director within 30 days, and may, upon written request, receive
				  a receipt signed by the State Treasurer and countersigned by the Director, which
				  represents a voucher in settlement of the account of the executor, administrator, or
				  trustee.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 10 - COLLECTION AND REFUND › Section 18:26-10.5 - Statement of payment or exemption

Current through Register Vol. 56, No. 14, July 15, 2024
When the tax and interest chargeable has been paid in full or
				  secured by bond, or when an estate is determined by the Director to be exempt from
				  any transfer inheritance tax of this State, a statement of such fact, signed by the
				  Director and including a description of any real property involved, is issued to the
				  executor, administrator, or other representative of the estate who may record such
				  statement in the office of the county clerk of the county wherein the real property
				  if any is situated.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 10 - COLLECTION AND REFUND › Section 18:26-10.6 - Proceedings to compel payment of taxes; collection cost fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In the event the New
				Jersey transfer inheritance tax that has accrued is not paid within the time
				provided by law, the Director shall notify the Attorney General of this State who
				will institute an action to compel the payment of such tax in the name of the
				Director in the Superior Court or Tax Court of this State and any judgment cited in
				such action will have the same effect as other judgments entered in the Superior
				Court, so as to constitute a lien which may be executed on any property of a
				decedent.
(b) In the event the New
				Jersey transfer inheritance tax is not paid within the time prescribed by law, fees
				for the cost of collection shall be imposed as allowed pursuant to N J.S.A.
				54:49-12.1. Such fees shall be in addition to any interest or penalty, or both,
				otherwise provided by law.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 10 - COLLECTION AND REFUND › Section 18:26-10.7 - Refund for erroneous overpayment

Current through Register Vol. 56, No. 14, July 15, 2024
In any case where there has been an overpayment in error of the
				  New Jersey transfer inheritance tax, an application for a refund may be made in the
				  manner provided in
				  N.J.A.C.
				  18:26-10.12 to the Director, who upon satisfactory
				  proof of such erroneous payment, will authorize disbursement of a refund
				  payment.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 10 - COLLECTION AND REFUND › Section 18:26-10.8 - Overpayment of account

Current through Register Vol. 56, No. 14, July 15, 2024
In any case where the amount paid on account for the New Jersey
				  transfer inheritance tax exceeds the amount of such tax due after final assessment
				  has been made, the amount so overpaid will be refunded by the State Treasurer in the
				  due course of business, provided, however, that all applications for a full or
				  partial refund of the payment of the New Jersey transfer inheritance tax must be
				  made within three years from the date of such payment, or from the date of the final
				  determination of a court of competent jurisdiction, which establishes the fact that
				  the decedent had no legal or equitable interest in the property on which the tax was
				  assessed and erroneously paid, whichever is later; and provided, however, that no
				  refund shall be made where such final determination occurs more than 20 years after
				  the date of death of the decedent.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 10 - COLLECTION AND REFUND › Section 18:26-10.9 - Refund when debt proved after legacy or distributive share paid

Current through Register Vol. 56, No. 14, July 15, 2024
In any case where a debt against the estate of a decedent is
				  proved after a legacy has been paid or property has been distributed from which
				  legacy or property the New Jersey transfer inheritance tax has been deducted or
				  paid, the legatee, devisee, heir, beneficiary, or next of kin may make an
				  application for a refund to pay such debt to the executor, administrator, or
				  trustee, who is required to refund a proportion of the tax where the same has not
				  been paid to the Director or make application for a refund to the Director in the
				  manner provided in NJ.A.C. 18:26-10.12 and upon receipt of such refund, repay the
				  legatee, devisee, heir, beneficiary, or next of kin the proportion of the tax
				  overpaid.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 10 - COLLECTION AND REFUND › Section 18:26-10.10 - Time and manner of making application for refund

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All applications for
				a refund are to be made within three years from the date of payment or from the date
				of any final determination of a court of competent jurisdiction that establishes the
				fact that the decedent had no legal or equitable interest in the property on which
				the tax was assessed, whichever is later, but in no event shall a refund be made
				where such final determination occurs more than 20 years after the date of
				decedent's death.
(b) Such application
				is to be made by means of an affidavit, setting forth in detail all of the facts
				upon which the claim for refund is based, including a copy of a Court Order, if a
				court of competent jurisdiction has made a final determination upon which the refund
				is based, signed by the executor, administrator, trustee, heir-at-law, or surviving
				joint tenant and filed directly with the Transfer Inheritance Tax Branch, PO Box
				249, Trenton, NJ 08695-0249.
(c) The
				date of payment is defined as the date the payment is actually received by the
				Division. It is not the date on which the tax return is filed, the date the Notice
				of Assessment is issued, or the date on which the audit is completed and/or the file
				closed.
(d) Protective refund claims
				based on reasonably anticipated events may be filed within the time periods set
				forth in (a) above.
1. The refund claim must be
				made on the Transfer Inheritance and Estate Tax Protective Claim for Refund form.
				The form must be fully completed and set forth the estimated refund amount and the
				basis for the claim.
2. The Director
				must be notified in writing of the actual refund claimed within 90 days after
				occurrence of the anticipated event.
3.
				For the purpose of determining the interest, if any, payable on a protective refund
				claim, the refund claim is deemed to have been made on the date that the Director is
				notified of the occurrence of the anticipated event.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 10 - COLLECTION AND REFUND › Section 18:26-10.11 - Interest on refunds

Current through Register Vol. 56, No. 14, July 15, 2024
If the Transfer Inheritance Tax Branch takes more than six months
				  to pay a valid refund after a refund application or written request is received by
				  the Director, taxpayers have the right to receive interest on the refund. If
				  interest must be paid, it will be calculated to accrue from the date of filing of a
				  refund claim to the date the tax is paid in accordance with NJ.A.C. 18:26-8.6, or
				  the due date of the return, whichever is later. Interest will be paid at a rate
				  determined by the Director to be equal to the prime rate, determined for each month
				  or fraction thereof, compounded annually at the end of each calendar year, from the
				  date that such interest commences to accrue to the date of the refund. No interest
				  will be paid on an overpayment of less than one dollar ($ 1.00), or on an
				  overpayment refunded within six months after the last date prescribed or permitted
				  by extension of time for filing the return, or within six months after the return is
				  filed, whichever is later. No interest will be paid on an overpayment unless the
				  taxpayer files a claim for refund.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 10 - COLLECTION AND REFUND › Section 18:26-10.12 - Time and manner of making application for refund

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All applications for
				a refund are to be made within three years from the date of payment or from the date
				of any final determination of a court of competent jurisdiction which establishes
				the fact that the decedent had no legal or equitable interest in the property on
				which the tax was assessed, whichever is later, but in no event shall a refund be
				made where such final determination occurs more than 20 years after the date of
				decedent's death.
(b) Such application
				is to be made by means of an affidavit on legal size paper, setting forth in detail
				all of the facts upon which the claim for refund is based, including a copy of a
				Court Order, if a court of competent jurisdiction has made a final determination
				upon which the refund is based, signed by the executor, administrator, trustee,
				heir-at-law, or surviving joint tenant and filed directly with the Transfer
				Inheritance Tax Branch, PO Box 249, Trenton, New Jersey 08646-0249.
(c) The date of payment is defined as the date the
				payment is actually received by the Division. It is not the date on which the tax
				return is filed, the date the Notice of Assessment is issued or the date on which
				the audit is completed and/or the file closed.
(d) Protective refund claims based on reasonably
				anticipated events may be filed within the time periods set forth in (a) above.
1. The refund claim must be made on the
				inheritance and estate tax "Protective Claim for Refund" form. The form must be
				fully completed and set forth the estimated refund amount and the basis for the
				claim.
2. The Director must be notified
				of the actual refund claimed within 90 days after occurrence of the anticipated
				event.
3. For the purpose of determining
				the interest, if any, payable on a protective refund claim, the refund claim shall
				be deemed to have been made on the date that the Director is notified of the
				occurrence of the anticipated event.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 10 - COLLECTION AND REFUND › Section 18:26-10.13 - Interest on refunds

Current through Register Vol. 56, No. 14, July 15, 2024
If the Inheritance Tax Branch takes more than six months to remit
				  a valid refund after a refund application or written request is received by the
				  Director, taxpayers have the right to receive interest on the refund. If interest
				  must be paid, it will be calculated to accrue from the date of filing of a refund
				  claim, the date of tax is paid in accordance with
				  18:26-8.6, or the due date of the
				  return, whichever is later. Interest will be paid at a rate determined by the
				  Director to be equal to the prime rate, determined for each month or fraction
				  thereof, compounded annually at the end of each calendar year, from the date that
				  such interest commences to accrue to the date of the refund. This rule becomes
				  effective for returns due on and after January 1, 1994. No interest will be paid on
				  an overpayment of less than one dollar ($ 1.00), or on an overpayment refunded
				  within six months after the last date prescribed or permitted by extension of time
				  for filing the return, or within six months after the return is filed, whichever is
				  later. No interest will be paid on an overpayment unless the taxpayer files a claim
				  for refund.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.1 - Consent to transfer; generally

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except as otherwise
				indicated in this chapter, written consent to transfer or release (waiver) of any
				real property or any tangible or intangible personal property must be obtained from
				the Director prior to such transfer or release where:
1. Such property is held by an executor,
				administrator, trustee, individual, firm, association, partnership, organization, or
				corporation including any banking institution, trust company, or safe deposit
				company organized under the laws of New Jersey; national bank operating in this
				State; building and loan or savings and loan associations engaged in New Jersey; or
				credit unions chartered by the United States operating in this State; and
2. Such property belongs to or stands in the name
				of a resident decedent or in the names of a resident decedent and one or more
				persons, to an executor, administrator, or legal representative of a resident
				decedent, or upon his or their order or request, or, to the survivor or survivors
				when held in the joint names of a resident decedent and one or more persons, or upon
				his or their order or request.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.2 - Executors and trustees to pay tax

Current through Register Vol. 56, No. 14, July 15, 2024
An executor, administrator, or trustee is not permitted to turn
				  over any property subject to an executory devise, an estate in expectancy of any
				  kind or character that is contingent or defeasible, or a power of appointment unless
				  the New Jersey transfer inheritance tax and the New Jersey estate tax including any
				  interest due has been first paid to the Director. Any executor, administrator, or
				  trustee who transfers such property prior to having paid the tax and interest
				  chargeable, if any, are personally liable for such payment. See
				  N.J.S.A.
				  54:35-2.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.3 - Consent to transfer not issued

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Before the Director
				issues any transfer inheritance tax consent to transfer the assets of a person dying
				domiciled in this State, it is required that proof be submitted showing that the
				will of such decedent was originally probated in New Jersey or that letters of
				administration were originally granted in this State. If it appears that original
				probate or original administration was had in a foreign jurisdiction, all consents
				to transfer the decedent's assets will be withheld and a report will be made to the
				county court of the county in which a decedent died domiciled or to the Superior
				Court until an order is issued from the court.
(b) The provisions of (a) above shall not apply in
				cases where it appears to the Director that neither the probate of a decedent's will
				nor the grant of letters of administration are required by the laws of this State.
				In any case, however, the Director may issue any and all transfer inheritance tax
				consents to transfer the assets of a decedent where in his or her discretion, the
				collection of the transfer inheritance tax payable to New Jersey would be
				jeopardized by the withholding of such consent.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.4 - Real and personal property of resident and nonresident decedents

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Waivers
				consenting to the transfer of real property located in New Jersey are necessary for
				estates of resident decedents or estates of decedents whereby guardians have been
				appointed for the decedent prior to his or her death. Real property held by
				spouses/civil union couple/domestic partners as tenants by the entirety does not
				require a waiver for the estate of the spouse/civil union partner/domestic partner
				dying first.
(b) An inheritance tax
				waiver is required for a period of 15 years from the date of such decedent's death.
				If the decedent died after December 31, 2001, an estate tax waiver is required for
				an unlimited period in order to affect the transfer or delivery of the real or
				personal tangible or intangible property specified in
				N.J.A.C.
				18:26-11.1, which the decedent owned or in which
				he or she had an interest at the date of death.
(c) Transfer inheritance tax waivers are necessary
				to transfer any real property located in New Jersey belonging to a nonresident
				decedent. Such waivers are issued after the nonresident decedent return is filed
				with the Transfer Inheritance Tax Branch and the tax, if any, is adjusted and
				paid.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.5 - Leasehold interest

Current through Register Vol. 56, No. 14, July 15, 2024
The written consent of the Director is required to transfer any
				  leasehold or chattels real, which a decedent owned or in which a decedent had an
				  interest.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.6 - Mortgage participation certificates

Current through Register Vol. 56, No. 14, July 15, 2024
In order to effect the transfer of any mortgage participation
				  certificates registered in the name of a decedent or which belong to a decedent even
				  though held in the name of another, it is necessary to obtain a
				  waiver.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.7 - Share of a deceased beneficiary

Current through Register Vol. 56, No. 14, July 15, 2024
In any case where a beneficiary dies prior to the settlement of an
				  estate in which such beneficiary is entitled to receive a share or interest, the
				  executor or administrator of the first estate must first obtain a waiver before
				  transferring such share or interest.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.8 - Transfers to savings accounts without a waiver

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Funds of a decedent
				on deposit in a checking account in any bank may be transferred to an interest
				bearing account in the same bank in the name of the decedent or the decedent's
				estate without obtaining a waiver.
(b)
				Funds of a decedent on deposit in an Individual Retirement Account (IRA) and/or
				Keogh retirement plan account may be transferred to another account in the same bank
				without obtaining a waiver.
(c) Any
				certificate of deposit or any type of a preferred account containing funds of a
				decedent may be transferred to another account in the same bank without obtaining a
				waiver.
(d) The transfers permitted in
				(a), (b), and (c) above are subject to the requirement that the banking institution
				promptly file a notice with the Transfer Inheritance Tax Branch, PO Box 249,
				Trenton, NJ 08695-0249, containing the following information:
1. Decedent's name;
2. Date of death and domicile;
3. Name and address of executor or administrator
				of estate; and
4. The account number or
				certificate number sought to be transferred and the balance on deposit or the
				maturity value as of the date of death.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.9 - From one fiduciary to another

Current through Register Vol. 56, No. 14, July 15, 2024
Bonds and/or stock of a New Jersey corporation or a national bank
				  located in New Jersey, or any money deposited in any trust company, bank, or other
				  institution in the name of one court appointed fiduciary as executor, administrator,
				  trustee, or guardian, may, upon the death of such fiduciary, be transferred without
				  a New Jersey transfer inheritance tax and a New Jersey estate tax waiver to, or on
				  the order of, the legally appointed substitute for the deceased
				  fiduciary.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.10 - Transfer from joint fiduciaries to successors

Current through Register Vol. 56, No. 14, July 15, 2024
Bonds and/or stock of a New Jersey corporation or a national bank
				  located in New Jersey or any money deposited in any trust company, bank, or other
				  institution in the names of two or more fiduciaries as executors, administrators,
				  trustees, or guardians, may, upon the death of one or more of such fiduciaries, be
				  transferred without a New Jersey transfer inheritance tax and a New Jersey estate
				  tax waiver, to, or on the order of, the surviving fiduciary or
				  fiduciaries.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.11 - Transfer of partnership interest

Current through Register Vol. 56, No. 14, July 15, 2024
The written consent of the Director is not required for the
				  transfer of real or personal property, tangible or intangible, owned by a bona fide
				  partnership in which a decedent had an interest.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.12 - Transfer of assets held by nonresident custodian

Current through Register Vol. 56, No. 14, July 15, 2024
A waiver is not required in order to transfer any assets held by a
				  nonresident custodian on behalf of a resident or nonresident
				  decedent.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.13 - Transfer of tangible or intangible personal property

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A waiver is not
				required in order to transfer all other tangible or intangible personal property,
				including, but not limited to:
1. Wages;
2. Salaries;
3. Vacation and sick leave pay;
4. Payment under pension, profit sharing, bonus
				plans, or stock purchase plans;
5. All
				automobiles;
6. Mortgages;
7. Accounts receivable;
8. Household goods;
9. Personal effects;
10. Funds held in an account in the name of a
				funeral director in trust for a decedent in accordance with the provisions of
				N.J.S.A. 2A:102-13;
				and
11. Funds to a decedent's credit in
				a Credit Union plan organized under N.J.S.A. 17:13-26et seq., in addition to any
				matching sums paid under any type of Credit Union plan in the form of a life
				insurance where said matching sum is directed to be paid to a decedent's estate or
				the estate's executor or administrator. However, funds held under the Federal Credit
				Union Act must be reported and a waiver obtained.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.14 - Exempt property not subject to waiver

Current through Register Vol. 56, No. 14, July 15, 2024
The transfer of any property exempt or not includible for purposes
				  of the New Jersey transfer inheritance tax and the New Jersey estate tax does not
				  require the written consent of the Director. The property sought to be treated as
				  exempt must not be includible in the gross estate of the decedent regardless of
				  whether the tax at issue is the New Jersey estate tax or the New Jersey transfer
				  inheritance tax.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.15 - Certain small estates not subject to waiver

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the gross estate
				of a resident decedent that for tax purposes does not exceed $ 200.00 where a person
				other than a spouse/civil union partner/domestic partner of the decedent is the
				applicant, and the applicant furnishes a bank, savings institution, or a savings and
				loan association with an affidavit in lieu of administration that has been obtained
				from the Surrogate of the county wherein the decedent died a resident, such bank,
				institution, or association may release the funds on deposit to the credit of a
				resident decedent without the written consent of the Director upon the applicant
				executing Form O-80.
(b) Form O-80, used
				by an applicant other than a spouse/civil union partner/domestic partner of the
				decedent, is to be obtained only from a bank, savings institution, or savings and
				loan association and executed concurrently with the release of any funds. Every bank
				institution or association is required to obtain such forms directly from the
				Transfer Inheritance Tax Branch, PO Box 249, Trenton, NJ 08695-0249, and is further
				required to obtain the following information from each applicant before the release
				of any funds to be assured that the total assets of the estate are less than $
				200.00:
1. The total amount on deposit in all bank
				accounts wherever situated, whether in the name of the decedent individually,
				jointly, or in trust for another;
2. The
				total redemption value of any United States Savings Bonds title to which is held in
				the name of the decedent either individually, jointly, or payable on death to
				another;
3. The total value of any
				tangible property owned by the decedent such as automobiles, jewelry, and household
				goods;
4. The total value of any
				benefits paid or payable under a group annuity plan, retirement plan, or profit
				sharing plan of decedent's employer;
5.
				Whether the decedent was the lessee of a safe deposit box individually or
				jointly.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.16 - Blanket waiver

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Notwithstanding any other section contained in
				this chapter, regarding the release of funds; any banking institution, trust
				company, or safe deposit company organized under the laws of this State; national
				bank operating in this State, building and loan or savings and loan association
				organized in this State; or credit union chartered by the United States and
				operating in this State; corporation or person may release any amount up to 50
				percent of the entire amount of funds on hand held in deposit, which belong to or
				stand in the name of a resident decedent or in the joint names of such decedent and
				one or more other persons, to:
1. An
				executor;
2. Administrator;
3. Legal representative of the decedent;
4. Surviving joint tenant;
5. Cestui que trust; or
6. The estate of a minor where title to said funds
				are held in the name of a custodian for said minor, without the written consent of
				the Director, upon the application of such proper party to the institution,
				association, organization, corporation, or person above mentioned.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.17 - Funds held in a banking institution

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except as otherwise
				indicated in this chapter, unless a waiver is first obtained, no banking
				institution, trust company, or safe deposit company organized under the laws of the
				State of New Jersey; national bank operating in the State of New Jersey; building
				and loan or savings and loan association organized under the laws of the State of
				New Jersey; credit unions chartered by the United States operating in the State of
				New Jersey; corporation; or person may release or transfer any funds, securities,
				deposits, or other assets belonging to or on deposit to the credit of a decedent
				whether held:
1. In the name of the decedent
				individually, as co-depositor, jointly, trustee, agent, cestui que trust, or in any
				other capacity, except when held as custodian for a minor pursuant to N.J.S.A.
				46:38-1et seq.; or
2. As rental security
				deposits under the provisions of N.J.S.A. 47:8-19et seq. 18:26-11.18 Funds held in
				bank accounts
(a) Bank accounts. Where funds are
				held on deposit in any bank to the credit of a person and payable on the death of
				such person to a named beneficiary, upon the death of the named beneficiary, no
				waiver is required to transfer or release the funds to such person, however, a
				waiver is required to transfer or release such funds to the beneficiary upon the
				death of the principal.
(b) Double
				dollar accounts. Where, upon the death of a decedent having funds on deposit to his
				or her credit, individually, in a joint account with right of survivorship or
				trustee account, in a banking institution located in New Jersey, there is credit to
				the account the proceeds of a life insurance contract, the consent of the Director
				is required to release the amount on deposit after credited thereto the proceeds of
				the life insurance policy. In order to determine the taxability thereof, the type of
				account is to be indicated on the return.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.18 - Funds held in bank accounts

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Bank accounts: Where
				funds are held on deposit in any bank to the credit of a person and payable on the
				death of such person to a named beneficiary, upon the death of the named
				beneficiary, no waiver is required to transfer or release the funds to such person,
				however, a waiver is required to transfer or release such funds to the beneficiary
				upon the death of the principal.
(b)
				Double dollar accounts: Where, upon the death of a decedent having funds on deposit
				to his credit, individually, in a joint account with right of survivorship or
				trustee account, in a banking institution located in New Jersey, there is credit to
				the account the proceeds of a life insurance contract, the consent of the director
				is required to release the amount on deposit after credited thereto the proceeds of
				the life insurance policy. In order to determine the taxability thereof, the type of
				account is to be indicated on the return.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.19 - Transfer of collateral

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A State bank, State banking association, trust
				company, national bank, national banking association, safe deposit company, or other
				institution, having in its possession, custody or control, securities or other
				assets pledged as collateral for a loan of a decedent, may, for the purpose of
				liquidating a loan or other debt due from a resident decedent:
1. Transfer such collateral from the name of the
				decedent to its own name upon receiving the written consent of the
				Director;
2. Sell such collateral to
				satisfy a loan of a decedent without the written consent of the Director, except
				that where the collateral pledged consists of the stock of a New Jersey corporation,
				such stock cannot be transferred by such corporation without the written consent of
				the Director. Where any excess money is received from a sale, the written consent of
				the Director must be obtained before delivery of such excess money to a proper party
				in interest; or
3. Deliver any
				collateral to the executor or administrator of a decedent upon full payment of the
				loan or debt without the written consent of the Director.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.20 - Release of safe deposit box contents

Current through Register Vol. 56, No. 14, July 15, 2024
No safe deposit company, trust company, bank, or other institution
				  may deliver or transfer any securities, deposits, or other assets contained in a
				  safe deposit box within its control or possession that belongs to or stands in the
				  name of a resident decedent, principal of a one person corporation, or in the joint
				  names of a resident decedent and one or more other persons, unless a release is
				  obtained from the Transfer Inheritance Tax Branch. A blanket release may be issued
				  at the discretion of the Director to safe deposit companies, trust companies, banks,
				  and other institutions that will allow for release of the contents of all safe
				  deposit boxes without inspection by the Division.
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.21 - Specific waiver situations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Waiver requirements
				for the following specific accounts are as follows:
1. Individual retirement accounts. Except as
				otherwise set forth in this chapter, including at
				N.J.A.C.
				18:26-11.8, a waiver is required for the transfer
				of any Individual Retirement Account in which the funds are held in a financial
				institution that would otherwise require a waiver, as specified in
				N.J.A.C.
				18:26-11.1(a).
2. Brokerage accounts. Except as otherwise set
				forth in this chapter, a waiver will be issued only for the total date of death
				value of a brokerage account. Blanket waiver provisions as specified in
				N.J.A.C.
				18:26-11.16, will apply to the date of death value
				of said accounts. No waiver is required for the transfer or sale of any assets
				within the brokerage account (that is, the conversion of stocks and bonds to
				cash).
3. Estate accounts. Except as
				otherwise set forth in this chapter, including at
				N.J.A.C.
				18:26-11.8, waivers consenting to the transfer of
				funds from an estate account are not required and will not be issued.
4. Qualified Tuition Program. Except as otherwise
				set forth in this chapter, including at
				N.J.A.C.
				18:26-11.8, a waiver is required for the transfer
				of any Qualified Tuition Program, as defined by
				26 U.S.C. §
											529, in which the funds are held in a financial
				institution that would otherwise require a waiver, as specified in
				N.J.A.C.
				18:26-11.1(a).
New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX › Subchapter 11 - WAIVERS-CONSENT TO TRANSFER › Section 18:26-11.22 - Transfer of stock of a New Jersey corporation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No corporation
				organized under the laws of this State may transfer any of its stock standing in the
				name of or belonging to a resident decedent or in the joint names of such a decedent
				and one or more persons, or in trust for a resident decedent, unless the written
				consent of the Director is first obtained.
(b) The written consent of the Director is
				required in connection with the transfer of stock of a corporation organized under
				the laws of New Jersey when such stock represents shares issued as a stock dividend
				where the holder of record date is the same date as that on which the decedent died,
				or a date prior thereto, and such stock is received by the decedent's personal
				representative.
(c) The corporation
				issuing or paying its shares in the form of a stock dividend is responsible for
				obtaining from the representative of the estate the written consent of the Director
				for the transfer of all stock standing in the name of the decedent on its books as
				of the date of death and such additional shares as are issued as stock dividends
				subsequent to death where the holder of record date is prior to, or the same as, the
				date of death of the decedent.
(d) The
				written consent of the Director is required where stock of a New Jersey corporation
				owned by a resident decedent is to be surrendered in exchange for the stock of any
				corporation whether title to the new shares are registered in the decedent's name or
				in the name of the estate.