- quote -

The First Amendment says you can make any request you want.

Since there's no (legal) obligation on their part, it would
truly be a gift if they chose to make it.

Seth

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"njoracle" <njoracle[at]att.net> wrote:
- quote -

While that would work, I wouldn't want to rely on the
nonbinding assurances of others (even those of my children),
just to save 15%. Why not just gross up the amount of the
bequest so that the nephew receives the desired amount after
taxes?

Ira Smilovitz

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"Stuart A. Bronstein" <spamtrap[at]lexregia.com> wrote:
- quote -

Not if the decedent is a resident of NJ at the time of
death. The transfer would still be subject to NJ Inheritance
tax.

Ira Smilovitz

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"njoracle" <njoracle[at]att.net> wrote:

- quote -

Great idea if you want your legacy to be ripping the family
apart. Evidently you've never seen people go absolutely
whacko over an estate. You're lucky.

Look, the whole idea of having a will is to make sure what
you want to happen after your death happens. Getting cute
in an effort to stiff the state of New Jersey could easily
defeat your prime purpose.

Then again, you'll be dead, so what do you care?

--
Phil Marti
Clarksburg, MD

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"Ira Smilovitz" <iras1[at]aol.com> wrote:
- quote -

I suppose the OP could create a bank or brokerage account in
another state, and put his nephew on as a POD beneficiary.
Would that work?

Stu

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Ira Smilovitz wrote:
- quote -

If the executor is Child 1 (also a beneficiary) and the
second beneficiary is Child 2, can I request (outside of the
will) that both children consider gifting a portion (X%/2)
of their inheritance to the nephew? Whether they do it or
not would be entirely up to them.

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"njoracle" <njoracle[at]att.net> wrote:

- quote -

NJ imposes both an estate tax and an inheritance tax. The
inheritance tax only affects certain classes of
beneficiaries, a nephew being one of them. It is taken
directly from any bequest or transfer before it reaches the
nephew. Leaving a note to your executor will be useless.
Your executor cannot do anything that is not explicitly
permitted or directed by your will. If he were to give X% to
your nephew, your other beneficiaries could sue the executor
personally for their full share of your estate.

Ira Smilovitz

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My tax/estate planner says not to put my nephew in the will
since he will have to 15% on anything that comes to him
through the will. (We both live in New Jersey). He suggested
gifting in an advance.

Is there any other legal way around this? For example, if I
leave a note to my executor to deduct X% due my children and
give that to my nephew, would that bypass the tax. Or is
there still a tax involved even though it is not part of the
will?

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >