That Pesky Tax Waiver – Part 2

                In my post last week, I referred to New Jersey’s tax waiver.  It is an often misunderstood process designed to insure that the State receives the appropriate amount of taxes when someone dies.  As I explained, New Jersey’s estate tax was phased out as of 2018 but we still have an inheritance tax.  Very few estates actually owe the tax.  New Jersey has a law in place that places a lien on certain financial accounts and real estate.  This is the way it can insure that it will be paid.                 The State releases the lien by way of a tax waiver which is usually issued when a tax return is filed and the appropriate amount of tax is paid.  New Jersey has also created what are called self executing affidavits, which if used will automatically release the lien.  There…

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