What is Inheritance tax waiver?

 What is Inheritance tax waiver?

A Tax waiver represents the written consent of the Director of the Division of Taxation to transfer or release certain property in the name of a decedent.

 

         Typically the attorney for the estate will prepare the Inheritance Tax Return

New Jersey property (such as real estate located in NJ, NJ bank and brokerage accounts, stocks of companies incorporated in NJ, and NJ bonds, etc.) cannot be transferred or released without this consent. 

A separate waiver will be issued for each titled asset.

Each waiver will contain specific information about the property (such as: bank name, account balances, and names on the account).

         The original Waiver on real estate is filed with the County clerk where the property is located. (Typically the Attorney will handle).