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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33708
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
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My wife and I were the recipients of an Irrevocable Trust.

Customer Question

My wife and I were the recipients of an Irrevocable Trust. The donor passed away and we closed the trust and transferred the equities to a new account in our joint names. What are the tax liabilities to us?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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Can you tell me what your relationship is with the grantor (maker) of the trust as it makes a difference here...

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Are you blood related or is this a friend?

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thanks

Barrister

Customer: replied 1 year ago.
just a friend
Expert:  Barrister replied 1 year ago.

Ok, then there are inheritance tax consequences since you aren't directly related to the person who left you the gifts. NJ has an inheritance tax of 15% on the first $700,000 and 16% on anything over $700,000 that is taxed to the actual recipient.

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So you would have to talk to an accountant to have them file the proper inheritance tax forms or contact the NJ Division of Taxation, Inheritance ad Estate Tax Branch to obtain the forms as the tax is due within 8 months from the death of the grantor.

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thanks

Barrister

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