Legal Question in Tax Law in New Jersey
''Transfer on Death''
Estate question - regarding my recently deceased mother. I live in the state of New Jersey. My mother�s brokerage account had a �transfer on death� clause. The estate is valued over $675,000, which means state taxes will be due. Can the brokerage funds be distributed to myself and my two brothers and sister, before the state taxes and will have been fully probated.
2 Answers from Attorneys
Re: ''Transfer on Death''
You will need to file a New Jersey ESTATE Tax Return. There will be NJ Estate tax, but because you are a lineal descendant of your mother, there is no Inheritance Tax. You should be able to get your distribution directly from the Brokerage under the payable on death provision.
I hope this helps!
Ronald J. Cappuccio
http://SaveYourEstate.com
Re: ''Transfer on Death''
You will need to file a New Jersey ESTATE Tax Return. There will be NJ Estate tax, but because you are a lineal descendant of your mother, there is no Inheritance Tax. You should be able to get your distribution directly from the Brokerage under the payable on death provision.
I hope this helps!
Ronald J. Cappuccio
http://SaveYourEstate.com
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