N.J. Admin. Code § 18:26-11.13

Current through Register Vol. 56, No. 19, October 7, 2024

Section 18:26-11.13 - Transfer of tangible or intangible personal property

(a) A waiver is not required in order to transfer all other tangible or intangible personal property, including, but not limited to:

1. Wages;

2. Salaries;

3. Vacation and sick leave pay;

4. Payment under pension, profit sharing, bonus plans, or stock purchase plans;

5. All automobiles;

6. Mortgages;

7. Accounts receivable;

8. Household goods;

9. Personal effects;

10. Funds held in an account in the name of a funeral director in trust for a decedent in accordance with the provisions of N.J.S.A. 2A:102-13; and

11. Funds to a decedent's credit in a Credit Union plan organized under N.J.S.A. 17:13-26et seq., in addition to any matching sums paid under any type of Credit Union plan in the form of a life insurance where said matching sum is directed to be paid to a decedent's estate or the estate's executor or administrator. However, funds held under the Federal Credit Union Act must be reported and a waiver obtained.

(b) Any property, the transfer of which is not subject to first obtaining a waiver, must, nevertheless, be reported on a decedent's return.

(c) Transfer of real property or personal property, whether tangible or intangible, held by revocable and irrevocable trusts may be taxable pursuant to N.J.S.A. 54:34-1.c either as transfers intended to take effect at or after death or as transfers made in contemplation of death. Waivers are not issued for these transfers, but property must be properly reported in accordance with (b) above.

N.J. Admin. Code § 18:26-11.13

Adopted by 50 N.J.R. 1624(a), effective 7/16/2018