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I have a NJ estate tax return to prepare for a decedent in

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NJ. The brokerage statement has...
I have a NJ estate tax return to prepare for a decedent in NJ. The brokerage statement has an account with the decedent and a trustee set up for her grandson under a U/W/O . Are these assets included on the NY estate tax return.
Submitted: 2 months ago.Category: Tax
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9/19/2017
Tax Professional: Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago
Chad CFP ®
Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 767
Experience: Managing Director
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Hello my name Chad CFP ® professional and I will be able to assist you today.

If the decedent was a New Jersey resident and the account address reflects the New Jersey address then only a NJ Estate tax return would need to be completed. If brokerage account has a New York address for the account owner then the assets may need to be included in a NY Estate tax return.

A "U/W/O" notation generally identifies an ownership interest as being created under the terms of a will as opposed to the terms of a revocable or irrevocable living trust.

Please let me know what facts I may be missing.

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Customer reply replied 2 months ago
My apologiesI meant the NJ returnThe beneficiary is the grandsonShould these assets be included
Tax Professional: Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

Any income that was derived from the time of the passing until to distribution of the assets would be included in the NJ estate return.

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Tax Professional: Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

Please also see the link below in regards ***** ***** estate tax exemption.

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

P.L. 2016, c. 57 provides that the New Jersey Estate Tax exemption will increase from $675,000 to $2 million for the estates of resident decedents dying on or after January 1, 2017, but before January 1, 2018.

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Customer reply replied 2 months ago
The decedent passed away in 2010My question is are those assets in trust fir the grandson exempt when calculating the NJ estate tax for 2010
Tax Professional: Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

From what you shared with me the assets were placed in the trust by direction of the will, therefore the assets will be included in the estate tax calculations of the decedent.

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Customer reply replied 2 months ago
Thank you
Tax Professional: Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

You're welcome!

If you have any further questions please let me know!

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Customer reply replied 2 months ago
Actually the account was the husband who passed prior to the wifeIn this case is it included in her estate tax return
Tax Professional: Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

Generally the assets would be passed directly to the spouse in the state of New Jersey. However, the titling on the account does matter. If the husband was the sole owner with the son as the beneficiary then the assets would never have been the wife's and therefore not included in her estate.

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Customer reply replied 2 months ago
The trustees are wife and daughter.Husband passed away many years beforeNow the wife passes away in 2010Are the asssts included in the estate return of the wife
Tax Professional: Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

If the brokerage account is title "U/W/O" then the assets most likely passed directly to the grandson when the husband passed. IF this was the case, then the assets would not be included in the mothers estate.

The only way to be sure is to review the trust documents and/or court order from when the husband passed.

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Customer reply replied 2 months ago
My apologyNo grandson involvedOnly 2 people listed are the wife and daughterWife now passed awayOn the mothers return are these assets included
Tax Professional: Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

"I have a NJ estate tax return to prepare for a decedent in NJ. The brokerage statement has an account with the decedent and a trustee set up for her grandson under a U/W/O . Are these assets included on the NY estate tax return."

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Tax Professional: Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

This question has changed so many times, I almost can't keep track

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Customer reply replied 2 months ago
Husband passesBrokerage account set up trustees are wife and daughter u/w/oWife now passesAre those assets included on wife's NJ estate tax return
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Chad CFP ®
Chad CFP ®
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