Estate Law Questions? Ask an Estate Lawyer.
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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...
Are you blood related or is this a friend?
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.
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.