A handwritten Will may work …….. depending
A handwritten Will is called a “holographic Will.” In New Jersey, it is referred to as a writing intended as a Will. The baseline statute for what is a “Will” requires that for something to “be a Will” it must be (1) in writing; (2) signed by the testator or by someone else at the testator’s direction while the testator is consciously present, and (3)...
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...