Legal Question in Wills and Trusts in New Jersey
My husband's aunt passed away in New Jersey and left one POD CD for him and one POD CD for his sister. SInce they are a nephew and a niece, they are considered Class C beneficiaries. Bank of America is holding 100% of my husband's funds (approx $60k) until he files a form 0-1. We are out of state and don't have access to get the form. Then he called the Taxation Office to get the form and they said they need a completed ITR before we can get the waiver form 0-1. Why would we complete an ITR on funds we don't have? What would you suggest? (We are 5,500 miles away from New Jersey.) Many thanks.
2 Answers from Attorneys
First off, your husband is entitled to 50% of all POD accounts without a NJ tax waiver. Second, the executor needs to file the NJ Inheritance Tax return [due 8 months after death]. Once NJ approves the return, the tax waivers will be issued, releasing the POD accounts. You must read the terms of the will to determine who pays the inheritance tax on your husband's POD accounts...normally he would be responsible for the tax, but it's possible that the will directs payment of the tax from the estate.
It seems you are struggling to get this all done. If you want to talk it over and get a lawyer to help to get this done, let me know. I would be happy to help you get it done.
Robert Davies, Attorney
201 820 3460
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
