There’s a reason it’s called a “Last” Will and Testament
For centuries, people have been writing or signing Wills to declare what was to be done with their worldly goods upon their demise. Formally, this document has been called a “Last Will and Testament.” A person who has “testamentary capacity” can write down or dictate their instructions, review the document, sign the document in the presence of two witnesses, and by...
NJ Tax Court again confirms – inheritance tax is based on what the Will said
Transfer Inheritance Tax must be paid in NJ when wealth is transferred at death to certain categories of recipients. There is no tax on transfer to charities or to “Class A” beneficiaries – these are spouses, lineal descendants and lineal ancestors as well as step children. However there is a tax of 11% on everything above $25,000 per person that passes to a sibling of the...