QUESTION
Esate tax waiver needed for nj real estate and account held in NJ for a resident of NY
Asked on Apr 18th, 2014 on Estate Litigation - New Jersey
More details to this question:
My mother passed away with a home an account ( stocks and bonds) held in NJ valued at 1.1 million combined. The beneficiary is my father and had no problem getting the funds out of the account when he presented the death certificate to the bank... at the time of death she was a resident of NY as per her last tax return ( she never filed a nj tax return) . But held no real estate or accounts in NY ..Do we have to file an ESTATE TAX WAIVER in NJ for her home? Is the stocks and bonds included in the estate if it went directly to the beneficiary? ..
1 ANSWER
2 Awards
Yes - you will still need to have the waiver to prove that no taxes are due, or that the taxes are paid in order to pass clear title at the sale. The title company will point this out and require the waiver sicen someone will be signing mom's name using the letter testamentary or letter of administration. Everything is included in the estate, even those items passing directly to a beneficiary.
Answered on Apr 21st, 2014 at 9:48 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship