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Lev
Lev, Tax Advisor
Category: Tax
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In New Jersey..is a P.O. D. Account outside the dead persons

Customer Question

In New Jersey..is a P.O. D. Account outside the dead persons estate? For taxes upon death in new jersey
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

NJ taxing authorities reported on this page

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

Exemptions From Transfer Inheritance Tax

  • All transfers having an aggregate value under $500;
  • Life insurance proceeds paid to a named beneficiary;
  • Charitable transfers for the use of any educational institution, church, hospital, orphan asylum, public library, etc.;
  • Transfers for public purposes made to New Jersey or any political subdivision thereof;
  • Federal civil service retirement benefits payable to a beneficiary other than the estate, executor, or administrator;
  • Annuities payable to survivors of military retirees; and
  • Qualified employment annuities paid to a surviving spouse, civil union partner, or domestic partner.

So far banking and investment accounts with POD provision are NOT excluded.

Expert:  Lev replied 1 year ago.

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