18:26-5.7 Transfers made in contemplation of death

TRANSFER INHERITANCE AND ESTATE TAX  
SUBCHAPTER 5. TRANSFERS SUBJECT TO TAX
N.J.A.C. 18:26-5.7 (2014)
§ 18:26-5.7 Transfers made in contemplation of death

   (a) Any transfer by deed, grant, bargain, sale or gift made without adequate valuable consideration within three years ending with the date of death of the grantor, vendor, or donor, in the absence of proof to the contrary, is deemed to have been made in contemplation of death. Any transfer made prior to such three-year period is not deemed to be in contemplation of death.

(b) The term "contemplation of death" includes that expectancy of death which actuates the mind of a person of the execution of his will and is therefore not restricted to that expectancy of death which actuates the mind of a person making a gift causa mortis.

(c) The term "adequate valuable consideration" means the clear market value of property in money or money's worth on the date of transfer.