Legal Question in Wills and Trusts in New Jersey
Inheritance laws
I do all my mother's paperwork, bill paying etc. If my name is on the deed to her home and bank accounts as co-owner, will I still have to pay inheritance tax (and how much) when she passes on?
Asked on 3/05/99, 1:25 pm
1 Answer from Attorneys
Dale Lundquist
(Solo)
Re: Inheritance laws
It doesn't matter. There's no inheritance tax on bequests to lineal descendenants in NJ no matter what the value of the estate. If your mom hasn't transferred the house to you yet, perhaps she shouldn't. This is because you get a step-up in basis if you receive the property through her Will resulting in lower capital gains tax when you sell it. Consult a NJ attorney for details.
Dale Lundquist
(Solo)
488 Glassboro Road P.O. Box 104
Answered on 3/06/99, 7:38 pm
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