Legal Question in Wills and Trusts in New Jersey
I live in N.J. and am co-owner in a home that my brother lives in. I have my own home. I will leave my half to him in my will but don't want him to have to pay inheritance tax. What can i do. Thank you.
Asked on 10/24/14, 5:15 pm
1 Answer from Attorneys
Jonathan Chester
The Law Office of Jonathan S. Chester, Esq., LLC
If you die and still own 1/2 of the home, it will be taxable in your estate for NJ death tax purposes...unless your brother can prove that he paid 100% for the house. One option would be for you to gift your 1/2 interest in the home to your brother during your lifetime rather than via your Will at death. NJ does not have a gift tax.
Answered on 2/10/15, 5:46 am
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