18:26-5.12 Powers of appointment; estates in expectancy
(a) Where by transfer of a resident decedent of real or tangible personal property within this State of intangible personal property wherever situated, or by transfer of a nonresident decedent of real or tangible personal property within this State, a transferee comes into the possession or enjoyment of:
1. An estate in expectancy of any kind or character which is contingent or defeasible, transferred by an instrument taking effect on or after July 4, 1909; or
2. Property transferred pursuant to a power of appointment contained in an instrument taking effect on or after July 4, 1909;
3. Such transfers are subject to the New Jersey Inheritance Tax.
(b) Property which is transferred pursuant to a power of appointment whether general or special, is deemed to pass from the estate of the donor or creator of the power to the transferee.
(c) For purposes of the New Jersey Inheritance Tax, a general power of appointment is a power which is exercisable in favor of the decedent, his estate, his creditors, or the creditors of his estate; a special or limited power of appointment is a power which does not qualify as a general power of appointment.
(a) Where by transfer of a resident decedent of real or tangible personal property within this State of intangible personal property wherever situated, or by transfer of a nonresident decedent of real or tangible personal property within this State, a transferee comes into the possession or enjoyment of:
1. An estate in expectancy of any kind or character which is contingent or defeasible, transferred by an instrument taking effect on or after July 4, 1909; or
2. Property transferred pursuant to a power of appointment contained in an instrument taking effect on or after July 4, 1909;
3. Such transfers are subject to the New Jersey Inheritance Tax.
(b) Property which is transferred pursuant to a power of appointment whether general or special, is deemed to pass from the estate of the donor or creator of the power to the transferee.
(c) For purposes of the New Jersey Inheritance Tax, a general power of appointment is a power which is exercisable in favor of the decedent, his estate, his creditors, or the creditors of his estate; a special or limited power of appointment is a power which does not qualify as a general power of appointment.
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