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Form 0-71 must be submitted in all cases where: 1. Payment is made as a result of the death of a resident decedent under the terms of a life insurance policy, endowment policy, or an annuity contract owned by the decedent or; 2.
It's the job of the personal representative (executor or administrator) of the estate to file an inheritance tax return. Only one return needs to be filed, even if several people owe inheritance tax.
Form L-8 ? Affidavit for Non-Real Estate Investments: Resident Decedents. Use this form for release of: ? New Jersey bank accounts; ? Stock in New Jersey corporations; ? Brokerage accounts; and ? New Jersey investment bonds. This form cannot be used for real estate.
Affidavit Requesting Preliminary Waivers: Resident Decedents, Form L-4. Page 1. This form may be used when: ? A complete Inheritance or Estate Tax return cannot be completed yet; or ? All beneficiaries are Class A, but estate does not qualify to use Form L-8; or ? All beneficiaries are Class E, or Class E and Class A.
How to Obtain a Waiver. Waivers (Form 0-1) can only be issued by the Inheritance Tax Branch of the NJ Division of Taxation. It is not a form you can obtain online or fill out yourself. In most circumstances, some kind of return or form must be filed with the Division in order to have a waiver issued.
Property passing to a surviving spouse, civil union or domestic partner, parents, grandparents, children, stepchildren or grandchildren is exempt from the tax. All other beneficiaries (except qualified charitable organizations) are subject to NJ inheritance tax.
Residents of New Jersey and non-residents who own property in New Jersey may owe NJ inheritance tax when they die. Unlike estate taxes, inheritance tax is based not on the value of your estate, but on who receives (inherits) assets when you die.
An estate can be closed in one of four fashions: (1) the funds can simply be distributed directly by the Executor or Administrator to estate beneficiaries; (2) the funds can be distributed to heir(s) after each signs a Release and Refunding Bond waiving his or her right to a formal accounting; (3) distribution can be ...