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RayAnswers, Attorney
Category: Estate Law
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Experience:  Texas lawyer for 30 years in Estate law
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I am a US card holder in New Jersey. How many kinds of tax

Customer Question

I am a US green card holder in New Jersey. How many kinds of tax rates will be applied for my spouse, parents and sister to inherit my assets (bank account, stock account and retirement account) if i die? What are the rates for them? I am a green card holder, my spouse is a US green card holder in the same state, my parents are non resident living out side of US, and my sister is a US citizen living out side of US. Can I make a will myself without a lawyer and how? Thanks!
Submitted: 10 months ago.
Category: Estate Law
Expert:  RayAnswers replied 10 months ago.

Hi and welcome to JA. Ray here to help you.

The current federal estate tax limits for 2016 are $5,450,000 so if your estate is under this amount no federal taxes due.New Jersey has estate taxes has the distinction of having the lowest exemption level for estate taxes – just $675,000. Estate tax rates range from 4.8 percent all the way up to 16 percent of the total estate. Not only does New Jersey levy an estate tax, it is also one of only two states to assess an inheritance tax where applicable.

If you’re a New Jersey resident and leave assets with a gross value of more than $675,000, the executor of your estate will have to file a New Jersey estate tax return. The hers will have to pay taxes on your estate to the state of NJ if the amount of your estate is over $675,000.

You can make your own will here.

LAST WILL AND TESTAMENT OF

_______________________________________
[Name of Testator]

I, _______________________________________ [Name of Testator], a resident of ___________________, New Jersey, being of sound and disposing mind and memory and over the age of eighteen (18) years or having been lawfully married or a member of the armed forces of the United States or a member of an auxiliary of the armed forces of the United States or a member of the maritime service of the United States, and not being actuated by any duress, menace, fraud, mistake, or undue influence, do make, publish, and declare this to be my last Will, hereby expressly revoking all Wills and Codicils previously made by me.

I. EXECUTOR: I appoint ____________________________________ as Executor of this my Last Will and Testament and provide if this Executor is unable or unwilling to serve then I appoint ____________________________________ as alternate Executor. My Executor shall be authorized to carry out all provisions of this Will and pay my just debts, obligations and funeral expenses.

II. SIMULTANEOUS DEATH OF BENEFICIARY: If any beneficiary of this Will, including any beneficiary of any trust established by this Will shall die within 60 days of my death or prior to the distribution of my estate, I hereby declare that I shall be deemed to have survived such person.

III. BEQUESTS:

I will, give, and bequeath unto the persons named below, if he or she survives me, the Property described below:

Name: _____________________________________
Address: ___________________________________
Relationship: ________________________________
Property: ___________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

Name: _____________________________________
Address: ___________________________________
Relationship: ________________________________
Property: ___________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

Name: _____________________________________
Address: ___________________________________
Relationship: ________________________________
Property: ___________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

Name: _____________________________________
Address: ___________________________________
Relationship: ________________________________
Property: ___________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

If a named beneficiary to this Will predeceases me, the bequest to such person shall lapse, and the property shall pass under the other provisions of this Will. If I do not possess or own any property listed above on the date of my death, the bequest of that property shall lapse.

IV. ALL REMAINING PROPERTY; RESIDUARY CLAUSE: I give, devise, and bequeath all of the rest, residue, and remainder of my estate, of whatever kind and character, and wherever located, to _______________________________________, provided that _______________________________________ survives me. If _______________________________________ does not survive me, then I give, devise, and bequeath all of the rest, residue, and remainder of my estate, of whatever kind and character, and wherever located, to _______________________________________ as alternate. If none of my named beneficiaries survives me, then the rest and residue of my estate shall pass according to the order of intestate succession in the State of New Jersey.

V. ADDITIONAL POWERS OF THE EXECUTOR: My Executor shall have the following additional powers with respect to my estate, to be exercised from time to time at my Executor's discretion without further license or order of any court.
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

VI. WAIVER OF BOND, INVENTORY, ACCOUNTING, REPORTING AND APPROVAL: My Executor and alternate Executor shall serve without any bond, and I hereby waive the necessity of preparing or filing any inventory, accounting, appraisal, reporting, approvals or final appraisement of my estate. I direct that no expert appraisal be made of my estate unless required by law.

VII. OPTIONAL PROVISIONS: I have placed my initials next to the provisions below that I adopt as part of this Will. Any unmarked provision is not adopted by me and is not a part of this Will.

________ If any beneficiary to this Will is indebted to me at the time of my death, and the beneficiary evidences this debt by a valid Promissory Note payable to me, then such person's portion of my estate shall be diminished by the amount of such debt.

________ Any and all debts of my estate shall first be paid from my residuary estate. Any debts on any real property bequeathed in this Will shall be assumed by the person to receive such real property and not paid by my Executor.

________ I direct that my remains be cremated and that the ashes be disposed of according to the wishes of my Executor.

________ I direct that my remains be cremated and that the ashes be disposed of in the following manner:
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________

________ I desire to be buried in the _____________________________ cemetery in __________________ County, New Jersey.

VIII. CONSTRUCTION: The term "testator" as used in this Will is deemed to include me as Testator or Testatrix. The pronouns used in this Will shall include, where appropriate, either gender or both, singular and plural.

IX. SEVERABILITY AND SURVIVAL: If any part of this Will is declared invalid, illegal, or inoperative for any reason, it is my intent that the remaining parts shall be effective and fully operative, and that any Court so interpreting this Will and any provision in it construe in favor of survival.

IN WITNESS WHEREOF, I, _______________________________________ [Name of Testator], hereby set my hand to this last Will, on each page of which I have placed my initials, on this ________ day of ____________________, 20______ at _____________________________________________________________, State of New Jersey.

_______________________________________ [Signature]
_______________________________________ [Printed or typed name of Testator]
_______________________________________ [Address of Testator, Line 1]
_______________________________________ [Address of Testator, Line 2]

WITNESSES

The foregoing instrument, consisting of ________ pages, including this page, was signed in our presence by _______________________________________ [name of Testator] and declared by _________________ [him or her] to be _________________ [his or her] last Will. We, at the request and in the presence of _________________ [him or her] and in the presence of each other, have subscribed our names below as witnesses. We declare that we are of sound mind and of the proper age to witness a will, that to the best of our knowledge the testator is of the age of majority, or is otherwise legally competent to make a will, and appears of sound mind and under no undue influence or constraint. Under penalty of perjury, we declare these statements are true and correct on this ________ day of ____________________, 20______ at _____________________________________________________________, State of New Jersey.

_______________________________________ [Signature of Witness #1]
_______________________________________ [Printed or typed name of Witness #1]
_______________________________________ [Address of Witness #1, Line 1]
_______________________________________ [Address of Witness #1, Line 2]

_______________________________________ [Signature of Witness #2]
_______________________________________ [Printed or typed name of Witness #2]
_______________________________________ [Address of Witness #2, Line 1]
_______________________________________ [Address of Witness #2, Line 2]

_______________________________________ [Signature of Witness #3]
_______________________________________ [Printed or typed name of Witness #3]
_______________________________________ [Address of Witness #3, Line 1]
_______________________________________ [Address of Witness #3, Line 2]

SELF-PROVING AFFIDAVIT

State of New Jersey
County of ________________

We, ___________________________________________________________________, ___________________________________________________________________, ___________________________________________________________________, and ___________________________________________________________________, the testator and the witnesses respectively, whose names are ***** ***** the attached instrument in those capacities, personally appearing before the undersigned authority and first being duly sworn, do hereby declare to the undersigned authority under penalty of perjury that the testator declared, signed, and executed the instrument as his/her last will; he/she signed it willingly or willingly directed another to sign for him/her; he/she executed it as his/her free and voluntary act for the purposes therein expressed; and each of the witnesses, at the request of the testator, in his or her hearing and presence, and in the presence of each other, signed the will as witness and that to the best of his or her knowledge the testator was at that time eighteen (18) years of age or older, of sound mind and under no constraint or undue influence.

_______________________________________ [Signature of Testator]
_______________________________________ [Printed or typed name of Testator]
_______________________________________ [Address of Testator, Line 1]
_______________________________________ [Address of Testator, Line 2]

_______________________________________ [Signature of Witness #1]
_______________________________________ [Printed or typed name of Witness #1]
_______________________________________ [Address of Witness #1, Line 1]
_______________________________________ [Address of Witness #1, Line 2]

_______________________________________ [Signature of Witness #2]
_______________________________________ [Printed or typed name of Witness #2]
_______________________________________ [Address of Witness #2, Line 1]
_______________________________________ [Address of Witness #2, Line 2]

_______________________________________ [Signature of Witness #3]
_______________________________________ [Printed or typed name of Witness #3]
_______________________________________ [Address of Witness #3, Line 1]
_______________________________________ [Address of Witness #3, Line 2]

Subscribed, sworn, and acknowledged before me, ______________________________________________________, a notary public, by ______________________________________________________, the testator, and by ______________________________________________________, ______________________________________________________, and ______________________________________________________, the witnesses, this ______________ day of ___________________________, 20_____.

[NOTARIAL SEAL]

This simple will form would allow you to make your own will.You will need witnesses--not family members

and a notary, your local bank or credit union can help you with that.

I appreciate the chance to help you today.Thanks again.

Expert:  RayAnswers replied 10 months ago.

I am sorry, here is a will form for a married person.

LAST WILL AND TESTAMENT OF

_______________________________________
[Name of Testator]

I, _______________________________________ [Name of Testator], a resident of ___________________, New Jersey, being of sound and disposing mind and memory and over the age of eighteen (18) years or lawfully married or having been lawfully married or a member of the armed forces of the United States or a member of an auxiliary of the armed forces of the United States or a member of the maritime service of the United States, and not being actuated by any duress, menace, fraud, mistake, or undue influence, do make, publish, and declare this to be my last Will, hereby expressly revoking all Wills and Codicils previously made by me.

I. MARRIAGE ACKNOWLEDGMENT

I am married to _______________________________________, and all references in this Will to my _________________ [husband or wife] are references to _________________ [him or her].

II. EXECUTOR: I appoint ____________________________________ as Executor of this my Last Will and Testament and provide if this Executor is unable or unwilling to serve then I appoint ____________________________________ as alternate Executor. My Executor shall be authorized to carry out all provisions of this Will and pay my just debts, obligations and funeral expenses.

III. SIMULTANEOUS DEATH OF SPOUSE: In the event that my _________________ [wife or husband] shall die simultaneously with me or there is no direct evidence to establish that my _________________ [wife or husband] and I died other than simultaneously, I direct that I shall be deemed to have survived my _________________ [wife or husband], notwithstanding any provision of law to the contrary, and that the provisions of my Will shall be construed on such presumption.

IV. SIMULTANEOUS DEATH OF BENEFICIARY: If any beneficiary of this Will, including any beneficiary of any trust established by this Will, other than my _________________ [wife or husband], shall die within 30 days of my death or prior to the distribution of my estate, I hereby declare that I shall be deemed to have survived such person.

V. BEQUESTS:

I will, give, and bequeath unto the persons named below, if he or she survives me, the Property described below:

Name: _____________________________________
Address: ___________________________________
Relationship: ________________________________
Property: ___________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

Name: _____________________________________
Address: ___________________________________
Relationship: ________________________________
Property: ___________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

Name: _____________________________________
Address: ___________________________________
Relationship: ________________________________
Property: ___________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

Name: _____________________________________
Address: ___________________________________
Relationship: ________________________________
Property: ___________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

If a named beneficiary to this Will predeceases me, the bequest to such person shall lapse, and the property shall pass under the other provisions of this Will. If I do not possess or own any property listed above on the date of my death, the bequest of that property shall lapse.

VI. ALL REMAINING PROPERTY; RESIDUARY CLAUSE: I give, devise, and bequeath all of the rest, residue, and remainder of my estate, of whatever kind and character, and wherever located, to my _________________ [wife or husband], provided that my _________________ [wife or husband] survives me. If my _________________ [wife or husband] does not survive me, then I give, devise, and bequeath all of the rest, residue, and remainder of my estate, of whatever kind and character, and wherever located, to the following alternate beneficiary or beneficiaries in equal shares:
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
If I have named more than one alternate beneficiary in this paragraph, and should any such alternate beneficiary predecease me, then I direct that the share of said beneficiary who shall have died be given to the surviving alternate beneficiaries in equal per shares. If none of my named beneficiaries survives me, then the rest and residue of my estate shall pass according to the order of intestate succession in the State of New Jersey.

VII. ADDITIONAL POWERS OF THE EXECUTOR: My Executor shall have the following additional powers with respect to my estate, to be exercised from time to time at my Executor's discretion without further license or order of any court.
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

VIII. WAIVER OF BOND, INVENTORY, ACCOUNTING, REPORTING AND APPROVAL: My Executor and alternate Executor shall serve without any bond, and I hereby waive the necessity of preparing or filing any inventory, accounting, appraisal, reporting, approvals or final appraisement of my estate. I direct that no expert appraisal be made of my estate unless required by law.

IX. OPTIONAL PROVISIONS: I have placed my initials next to the provisions below that I adopt as part of this Will. Any unmarked provision is not adopted by me and is not a part of this Will.

________ If any beneficiary to this Will is indebted to me at the time of my death, and the beneficiary evidences this debt by a valid Promissory Note payable to me, then such person's portion of my estate shall be diminished by the amount of such debt.

________ Any and all debts of my estate shall first be paid from my residuary estate. Any debts on any real property bequeathed in this Will shall be assumed by the person to receive such real property and not paid by my Executor.

________ I direct that my remains be cremated and that the ashes be disposed of according to the wishes of my Executor.

________ I direct that my remains be cremated and that the ashes be disposed of in the following manner:
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________

________ I desire to be buried in the _____________________________ cemetery in __________________ County, New Jersey.

X. CONSTRUCTION: The term "testator" as used in this Will is deemed to include me as Testator or Testatrix. The pronouns used in this Will shall include, where appropriate, either gender or both, singular and plural.

XI. SEVERABILITY AND SURVIVAL: If any part of this Will is declared invalid, illegal, or inoperative for any reason, it is my intent that the remaining parts shall be effective and fully operative, and that any Court so interpreting this Will and any provision in it construe in favor of survival.

IN WITNESS WHEREOF, I, _______________________________________ [Name of Testator], hereby set my hand to this last Will, on each page of which I have placed my initials, on this ________ day of ____________________, 20______ at _____________________________________________________________, State of New Jersey.

_______________________________________ [Signature]
_______________________________________ [Printed or typed name of Testator]
_______________________________________ [Address of Testator, Line 1]
_______________________________________ [Address of Testator, Line 2]

WITNESSES

The foregoing instrument, consisting of ________ pages, including this page, was signed in our presence by _______________________________________ [name of Testator] and declared by _________________ [him or her] to be _________________ [his or her] last Will. We, at the request and in the presence of _________________ [him or her] and in the presence of each other, have subscribed our names below as witnesses. We declare that we are of sound mind and of the proper age to witness a will, that to the best of our knowledge the testator is of the age of majority, or is otherwise legally competent to make a will, and appears of sound mind and under no undue influence or constraint. Under penalty of perjury, we declare these statements are true and correct on this ________ day of ____________________, 20______ at _____________________________________________________________, State of New Jersey.

_______________________________________ [Signature of Witness #1]
_______________________________________ [Printed or typed name of Witness #1]
_______________________________________ [Address of Witness #1, Line 1]
_______________________________________ [Address of Witness #1, Line 2]

_______________________________________ [Signature of Witness #2]
_______________________________________ [Printed or typed name of Witness #2]
_______________________________________ [Address of Witness #2, Line 1]
_______________________________________ [Address of Witness #2, Line 2]

_______________________________________ [Signature of Witness #3]
_______________________________________ [Printed or typed name of Witness #3]
_______________________________________ [Address of Witness #3, Line 1]
_______________________________________ [Address of Witness #3, Line 2]

SELF-PROVING AFFIDAVIT

State of New Jersey
County of ________________

We, ___________________________________________________________________, ___________________________________________________________________, ___________________________________________________________________, and ___________________________________________________________________, the testator and the witnesses respectively, whose names are ***** ***** the attached instrument in those capacities, personally appearing before the undersigned authority and first being duly sworn, do hereby declare to the undersigned authority under penalty of perjury that the testator declared, signed, and executed the instrument as his/her last will; he/she signed it willingly or willingly directed another to sign for him/her; he/she executed it as his/her free and voluntary act for the purposes therein expressed; and each of the witnesses, at the request of the testator, in his or her hearing and presence, and in the presence of each other, signed the will as witness and that to the best of his or her knowledge the testator was at that time eighteen (18) years of age or older, of sound mind and under no constraint or undue influence.

_______________________________________ [Signature of Testator]
_______________________________________ [Printed or typed name of Testator]
_______________________________________ [Address of Testator, Line 1]
_______________________________________ [Address of Testator, Line 2]

_______________________________________ [Signature of Witness #1]
_______________________________________ [Printed or typed name of Witness #1]
_______________________________________ [Address of Witness #1, Line 1]
_______________________________________ [Address of Wtness)

Expert:  RayAnswers replied 10 months ago.

If you can leave a positive rating when we are done it is always much appreciated.

Customer: replied 10 months ago.
I am not a US citizen but a green card holder, my parents are not residents in US, not citizens. The tax rate you gave me are for non citizens like us?
Expert:  RayAnswers replied 10 months ago.

Yes if you are in the US at time of death they would have to pay taxes on the estate if you are a NJ resident.NJ is one of few states that has high estate taxes due to the state.I gave you the rate above.They would be taxed because the estate and probate are in NJ.

Thanks for the follow up.

Customer: replied 10 months ago.
I heard non citizen tax rates are higher than Citizens, that is why I wanted to confirm they are the right rates. Although i am married, If I leave my assets to my parents, do I have to use the first or second format you gave me? Should the two witnesses see the whole will, or they can just be two notarizers who only notarize on a separate piece of paper and only see the paragraphs related to them without seeing the content of the will?
Expert:  RayAnswers replied 10 months ago.

I heard non citizen tax rates are higher than Citizens, that is why I wanted to confirm they are the right rates. That is incorrect all estates here in NJ are taxed the same.

Although i am married, If I leave my assets to my parents, do I have to use the first or second format you gave me?Second you can leave your share of the marital assets to whoever you choose, your parents for instance.You may need to modify the form here to leave it to them rather than husband.

Should the two witnesses see the whole will, or they can just be two notarizers who only notarize on a separate piece of paper and only see the paragraphs related to them without seeing the content of the will?

Witnesses here need to observe you tell them that this is your last will and testament and that you understand what is contained in it and are executing it freely.You need to initial each page in the present of the witnesses and notary.All need to be present during the execution in case witnesses are needed.

Thanks for the chance to help and clarify.

Expert:  RayAnswers replied 10 months ago.

If you can positive rate it is always much appreciated.Thanks.

Customer: replied 10 months ago.
Hi, there is something I am still confused. You mentioned not only does NJ levy estate tax, but it assess an inheritance tax whenever applicable. So estate tax is different from inheritance rate? You only gave me federal and NJ estate tax , but no inheritance tax rate. Second, is there any way I can make a will without witnesses? If make a will with a lawyer, do I still need witnesses, or can the lawyer be the witness?
Expert:  RayAnswers replied 10 months ago.

No the NJ tax is the estate tax, there is only one here for the state, sorry for the confusion.There is also federal estate tax.The lawyer can witness and notarize.It is good idea they make great witnesses in case somebody would challenge.They will go over with you that this is your last will and you understand it and have read it, etc at the time of execution.Thanks again.

NJ estate tax,

http://www.state.nj.us/treasury/taxation/revesttax.shtml

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