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

N.J.A.C. 18:26-11.13 (2014)
§ 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 (advance funeral payment);

11. Funds to a decedent's credit in a Credit Union plan organized under N.J.S.A. 17:13-26 et 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 his 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 property held by revocable and irrevocable trusts may be taxable pursuant to N.J.S.A. 54:34-1c 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 subsection (b) of this section.