What Is an Easement? Everything You Need to Know

 Good for you.  You’ve found your perfect home and you have signed a contract for its purchase.  Your attorney has asked us to search the title and provide a Commitment for Title Insurance.

 You may or may not see the title commitment, but your attorney will review it for any defects or encumbrances on the title.  One of the items your attorney might encounter is an easement.

 An easement is a legal right given to another to use part of your property for a particular use.  For example, the town may have the right to place and maintain a sewer pipes that runs through your property.

Dominant and Servient Estates

Easements actually consist of two parts.  The party who uses the easement and the party who is burdened by the easement.  In legal terms, we call them the dominant estate and servient estate. The dominant estate is the party that benefits from the easement,  in the above example, the town. The servient estate is the party, you, the homeowner, that must allow the town to use your  property.

The law recognizes several types of easements.  Let’s try to define them.

 I.                 Easement Appurtenant

An easement appurtenant is an easement that is tied to the property itself. An easement appurtenant is often referred to as “running with the land,” as it remains in place even when the owners change. It’s an easement that benefits the property. An example of an easement appurtenant is a driveway that offers access to a street through a property that would otherwise block you in. When that property is sold, the new owners must allow you to use the driveway because the easement stays with the home.

 II.              Easement in Gross

An easement in gross is owned by a specific person or entity, not the property itself. It benefits the person who holds the easement. The most common easement in gross is one given to utility companies by developers to provide service to a community.  The holder of this easement does not have to own any property next to yours or near yours.

 III.            Easement by Prescription

An easement by prescription, also referred to as a prescriptive easement, is created when a person continuously uses another’s land for a long period of time as if they had an easement. To get an easement by prescription, the following criteria generally must be met:

Continuous use for a specific period of time. That time period varies from state to state.

Open and notorious use. The use of the property must be obvious and observable, not done in secret.

Hostile use. The property was used without the owner’s permission. Hostile does not mean malicious.

Exclusive use. This isn’t required in all states and what constitutes “exclusive use” may differ from state to state.

Here’s an example of an easement by prescription. Let’s say you live on a beach or waterfront property and a neighbor has cut through your land to get to the water. You may not mind so you do not say anything or post a sign indicating your property is private.  20 years later, the neighbor’s property is sold, and you attempt to stop your new neighbor from crossing your property. They could have an easement of prescription to continue to use your property for such activities in the future.

Another, more common, example is the neighbor who unknowingly built her fence 3 feet over their boundary line onto your property. and it was only discovered 15 years later. They may be granted a prescriptive easement since they meet all of the criteria above.

 A court proceeding is required to establish a prescriptive easement.

 IV.            How to legally create an Easement

 

If an easement needs to be created, it will happen in one of the following ways:

 Express Easement

An express easement is the most common method of easement creation. It can be created by deed, or by the execution of an easement agreement.  Both documents have to be legally executed and then recorded in the land records.

 Implied Easement

Unlike an expressed easement, an implied easement is neither written down nor documented because it’s obvious, or implied, that the property would need to be used for the enjoyment and use of the other party.

 Think of the above situation where a parcel of property is cut  in two width-wise and blocks street access to the  rear portion. The law presumes that when property is divided, street access is provided to the blocked portion. So, when the front property is sold, it is implied that you can still use it to get to and from the street.

 Easement by Necessity

An easement by necessity, as the name implies, is created by law out of necessity, instead of by an agreement between neighbors. It’s usually created when the only reasonable and practical access to the property is through another’s property and an implied agreement cannot be reached. Once there is a new way to access the property (for example, if a new street is created), the easement can be terminated.

 Rules of Property Easements

Property easements are valuable as they can provide you or someone else the legal right to use a certain piece of land. They can benefit you as a homeowner or force you to carry the burden of others using your property. If you come across an easement in your homebuying experience, here are some pointers.

First, if the home has an easement, don’t panic just yet. While it could be an annoyance, it could very well benefit you as the homeowner. Or it could be an entirely neutral experience. When buying a home with a property easement, find out the purpose of the easement and make sure you understand how it could impact your homeownership experience. For example, if the easement is for a utility company to lay underground lines on your property, you may not be able to install that inground pool you were hoping for.

 Of course, it might not even matter. If it is an easement appurtenant, it will stay with the property and you’ll need to deal with it. However, if it’s an easement in gross, it may not transfer over with the sale of the home.

 Abiding by an Easement

An easement is legally binding and must be followed. If it’s not, you could be sued. Again, think of the neighbor who can only access the street through your property.

 To properly abide by an easement and ensure the other party is doing the same, make sure you understand each party’s rights. If you have questions or seek to understand more, consult a real estate lawyer.

 Challenging an Easement

An easement can be challenged, but it’s an extensive process that may involve going to court. The process could be easier if the easement holder agrees to terminate the easement or if it has an expiration date. Otherwise, you may end up in court, in a complex dispute that often carries a lot of emotion if it involves neighbors. We recommend consulting a real estate lawyer to learn more about challenging an easement.

 At the end of the day, do not try to deal with a problematic easement by yourself.  Always seek competent legal advice.

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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Sometimes you just need a lawyer or a good title agent

Reading the Internet can get you more confused than it's worth.

A recent column in a generally good consumer website, NJMoneyHelp.com, has come up with a klunker for an answer to a common question we receive in our office.

The question- How can I take my ex-spouse off my home's deed.

Here's the column, our comments are interspersed in bold. 

Q. I purchased a home while married. My husband was incarcerated at the time. He signed papers giving up all rights to my home. We later got divorced. In the divorce decree, I was granted sole ownership of my home. Recently, I paid my home off in full. However, when I received my paperwork showing that it was paid off, his name and my name were both listed as owners.  (On what document was both names listed? Was it the deed or mortgage or both.  If he was incarcerated at the time, how did he sign the mortgage?) What do I need to do to get his name removed?
— Homeowner

A. We understand that seeing his name there was an unwelcome surprise to you.

You can take steps to remove your ex-spouse from the deed.  (In reality, yes, you can take steps but the first step is to get the  ex-husband to agree.)

Typically, you would do this by filing a quitclaim deed, said Marnie Hards, a certified financial planner with Aznar Financial Advisors in Morris Plains.

“This document should be signed in front of a notary and then filed in the county in which you live,” Hards said. (The ex-husband is the party that must sign the deed.) “This should remove your ex-husband from the deed.”

Once the quitclaim deed is filed, the spouse who has been removed may no longer access the property without the sole owner’s consent, Hards said.  (I am not sure what caused the financial planner to say this.  No where in the question was the issue of access raised.)

Here’s how you do it.

First, visit Register of Deeds in the county where the property is located. Ask for the quitclaim form, a copy of the existing deed as well as a legal description of the property, Hards said.  (Well, county clerks and registers are not in the business of giving out forms of deeds, although you may find one on his or her website.  Some county clerks may have mercy on you and help you find the recorded deed, why the questioner doesn't have a copy is not explained, and they'll charge you a fee to copy it.  The deed contains the legal description.)

“Then, you will need to fill out the quitclaim deed. Make sure to use the legal description provided to you when you fill out the form,” she said. “You would be the grantee and your ex-husband would be the grantor. It is important that he transfer rights in the entire property.”  (Assuming he has agreed to sign the deed in the first place.)

A notary public must witness both of you sign the form, she said.  (Only the ex-husband need sign the deed.)

The completed quitclaim deed and the required fee can then be submitted to the Register of Deeds, she said.  (No one has mentioned another necessary form that must be signed by the ex-husband.  It's called a Seller's Residency Certification/Exemption Form GIT/REP-3.)

Email your questions to Ask@NJMoneyHelp.com.

This story was originally published on March 18, 2021. It appeared on the Web here.

Frankly, the questioner should be dealing with a lawyer or a good title agent who could help her understand how her title is held.

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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New Jersey's Inheritance Tax and its lien

One of the most contentious issues we deal with as a title agency is the lien for New Jersey Transfer Inheritance Tax that affects EVERY estate in New Jersey even if no tax is ultimately owed by the decedent's estate.  Yes, that's right, even if no tax is owed, the state has a lien.

The lien is removed in all cases by the issuance by the NJ Division of Taxation of a tax waiver.

What follows is a brief explanation of the 

Lien on and Transfer of a Decedent's Property: Tax Waiver Requirements

For Tax Professionals

New Jersey Transfer Inheritance Tax, whether levied and assessed or not, is a lien on all property owned by the decedent as of the date of his/her death for a period of 15 years, unless paid sooner or secured by bond. The law provides, with certain exceptions, that without the written consent of the Director (i.e. – tax waiver), banking institutions and other institutions, corporations and persons may not deliver or transfer any assets within their control or possession which belong to or stand in the name of a resident decedent, or in the joint names of a resident decedent and one or more persons (N.J.S.A. 54:35-5, N.J.S.A. 54:35-19).

For decedents who die after December 31, 2001, the New Jersey Estate Tax is a lien on all property of a decedent as of his or her date of death and that no property owned by a decedent as of his or her date of death may be transferred without the written consent of the Director, or pursuant to such rules as the Director may prescribe (N.J.S.A. 54:38-6).

The tax waiver form issued by the Division releases both the Inheritance Tax and the Estate Tax lien and permits the transfer of property for both Inheritance Tax and Estate Tax purposes.

Tax waivers are required to transfer the assets standing in the name of a decedent or in joint names with a decedent such as:

• New Jersey real property;
• Funds held in New Jersey financial institutions;
• Brokerage accounts or mutual funds doing business in New Jersey;
• Stock or bonds of a company incorporated in New Jersey or a New Jersey institution.

For information on obtaining a tax waiver go to: Inheritance Tax Filing Requirements | Estate Tax Filing Requirements 

Exceptions to Waiver Requirements

• Non-Resident Decedents: Estate Tax waivers are not required for the estates of non-resident decedents. Inheritance Tax waivers are required only for real property located in New Jersey.
• Real Property Held as tenancy by the entirety Real property held by a husband and wife or civil union partners as tenancy by the entirety must be transferred without a tax waiver in the estate of the spouse who died first.
• The transfer of any assets, whether real or intangible, which stand in the name of a bona fide trust as of the date of a decedent's death, does not require a tax waiver.
• Transfers to savings accounts without a tax waiver
1. Funds of a decedent on deposit in a checking account in any bank may be transferred to an interest-bearing account in the same bank in the name of the decedent or his/her estate without obtaining a tax waiver.
2. Funds of a decedent on deposit in an Individual Retirement Account (IRA) or Keogh retirement plan account may be transferred to another account in the same bank without obtaining a tax waiver.
3. Any certificate of deposit or any type of a preferred account containing funds of a decedent may be transferred to another account in the same bank without obtaining a tax waiver.
4. The transfers permitted in (1) through (3) above are subject to the requirement that the banking institution promptly file a notice with the Division of Taxation Inheritance and Estate Tax Branch, PO Box 249, Trenton, New Jersey 08695-0249, containing the following information:
• Decedent's name;
• Date of death and domicile;
• Name and address of executor or administrator of estate;
• The account number, or certificate number, sought to be transferred and the balance on deposit or the maturity value as of the date of death.
5. The bank is required to retain the same control over the substituted account as the original account until the New Jersey Inheritance Tax and the New Jersey Estate Tax are provided for and paid.
• Transfers from one fiduciary to another Bonds or stock of a New Jersey corporation or a national bank located in New Jersey, or any money deposited in any trust company, bank or other institution in the name of one court-appointed fiduciary as executor, administrator, trustee or guardian, may, upon the death of such fiduciary, be transferred without a tax waiver to, or on the order of, the legally appointed substitute for the deceased fiduciary.
• Transfer from joint fiduciaries to successors Bonds or stock of a New Jersey corporation or a national bank located in New Jersey or any money deposited in any trust company, bank or other institution in the names of two or more fiduciaries as executors, administrators, trustees or guardians, may, upon the death of one or more of such fiduciaries be transferred without a tax waiver, to, or on the order of, the surviving fiduciary or fiduciaries.
• Transfer of partnership interest A tax waiver is not required for the transfer of real or personal property, tangible or intangible, owned by a bona fide partnership in which a decedent had an interest.
• Transfer of assets held by nonresident custodian: A tax waiver is not required in order to transfer any assets held by a nonresident custodian on behalf of a resident or nonresident decedent.
• Transfer of tangible or intangible personal property
1. A waiver is not required in order to transfer all other tangible or intangible personal property, including but not limited to:
• Wages;
• Salaries;
• Vacation and sick leave pay;
• Payment under pension, profit sharing, bonus plans or stock purchase plans;
• All automobiles;
• Mortgages;
• Accounts receivable;
• Household goods;
• Personal effects;
• 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); 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 or her executor or administrator. However, funds held under the Federal Credit Union Act must be reported and a waiver obtained.
2. All property, including property that can be transferred without a waiver, must, nevertheless, be reported on a decedent's Inheritance or Estate Tax return.
• Blanket waiver
1. A banking institution, trust company or safe deposit company organized under the laws of this State, a national bank operating in this State, a building and loan or savings and loan association organized in this State, a credit union chartered by the United States and operating in this State, a corporation or person may release without a tax waiver any amount up to 50 percent of the entire amount of funds on hand to any of the following:
• An executor;
• Administrator;
• Legal representative of the decedent;
• Surviving joint tenant;
• Cestui que trust; or
• The estate of a minor where title to said funds are held in the name of a custodian for said minor without the written consent of the Director, upon the application of such proper party to the institution, association, organization, corporation or person above mentioned.
2. This section applies to each institution, association or organization, corporation or person listed above with whom a decedent has any funds on deposit, including Certificates of Deposit, and is limited to no more than 50 percent of the funds in the entire account whether such account is held in the decedent's name only or jointly with another so that where the decedent holds an account jointly, only one half of the funds may be released, not the half claimed by the joint owner and an additional half of the funds belonging to the decedent.
3. In addition to the amount permitted to be released by an institution, association, organization, corporation or person above mentioned, institutions, associations, organizations, corporations, or persons may, without written consent of the Director:
• Pay any and all checks drawn on any account owned by a decedent individually, jointly, or otherwise, when said checks are issued prior to death and presented for payment within 10 days following the decedent's date of death; except that in the event an executor, administrator, or other proper party above mentioned in this section shall apply for a release of 50 percent of the funds on deposit after 10 days from the decedent's death, the institution, association, organization, corporation, or person mentioned in this section holding the funds shall, after having deducted the amount of any checks issued prior to and presented for payment within 10 days of the decedent's death, release 50 percent of the balance in a decedent's account to the proper party upon application and without the written consent of the Director;
• Pay any checks in any amount for which there are sufficient funds held in deposit, drawn on any account owned by a decedent individually, jointly or otherwise, representing full or partial payment of any New Jersey Inheritance or Estate Taxes and made payable to New Jersey Inheritance and Estate Tax;
• Liquidate the loan of any decedent who has pledged the pass book representing a savings account as collateral for a loan, where upon the death of such a decedent the loan is in default and then make 50 percent of the remaining funds available under the blanket waiver; but
4. Securities of a New Jersey Corporation registered in the name of a decedent and issued by any bank, or savings and loan association situated in this State, are not subject to the Blanket Waiver rule provided for in this section. Therefore, the written consent of the Director must be obtained in order to transfer or release such assets.
5. The Director reserves the right to direct at any time that any sum or sums not yet paid over shall be withheld by the informant pending further order of the Director where that course is deemed imperative to protect the interest of the State.
• Funds held in a banking institution A banking institution, trust company or safe deposit company organized under the laws of the State of New Jersey, national bank operating in the State of New Jersey, building and loan or savings and loan association organized under the laws of the State of New Jersey, a credit union chartered by the United States operating in the State of New Jersey, or a corporation, or a person may, without a tax waiver, release or Transfer assets held by a decedent as custodian for a minor pursuant to N.J.S.A. 46:38-1 et seq. or as rental security deposits under the provisions of N.J.S.A. 47:8-19 et seq.
• Funds held in bank accounts Where funds are held on deposit in any bank to the credit of a person and payable on the death of such person to a named beneficiary, upon the death of the named beneficiary, no tax waiver is required to transfer or release the funds to such person. However, a tax waiver is required to transfer or release such funds to the beneficiary upon the death of the principal.
• Transfer of collateral A State bank, state banking association, trust company, national bank, national banking association, safe deposit company or other institution, having in its possession, custody or control, securities or other assets pledged as collateral for a loan of a decedent, may, for the purpose of liquidating a loan or other debt due from a resident decedent:
1. Transfer such collateral from the name of the decedent to its own name upon receiving the written consent of the director; or
2. Sell such collateral to satisfy a loan of a decedent without the written consent of the director, except that where the collateral pledged consists of the stock of a New Jersey corporation, such stock cannot be transferred on the books of such corporation without the written consent of the director. If any excess monies are received from a sale, the written consent of the Director must be obtained before delivery of such excess money to a proper party in interest; or
3. Deliver any collateral to the executor or administrator of a decedent upon the full payment of the loan or debt without the written consent of the director.
• Release of Safe Deposit Box Contents : N.J.S.A. 54:35-19 provides that the contents of a safe deposit box standing in the name of a decedent either individually, jointly or otherwise may not be released without at least a 10-day notice to the Director of the intended delivery and the retention of sufficient assets to pay any tax and interest which may be assessed on the assets. The statute provides that the Director may examine the decedent's assets contained in a safe deposit box. On December 13, 2016, the Director re-issued the blanket waiver originally issued in 1992 authorizing the immediate release of the contents of a safe deposit box. The waiver is effective for the period from January 1, 2017, to January 1, 2022.

 

At the end of the day, be sure to obtain competent legal advice in connection with the Transfer Inheritance Tax and its impact on the sale of real property and the transfer of other assets.

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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Why the Internet is dangerous for research when it comes to property rights

Many questions arise each year regarding the ability of one spouse, who owns the property, to sell without the consent of the other spouse.  Prior to May 28, 1980 the ability to do this was extremely limited by the spousal rights of dower and curtesy. (Space does not permit me to go into detail here.)

 In 1980 the dower and curtesy laws were superseded by a new right called the “right to joint possession of the principal matrimonial residence.”  The statute provides, in part,

“During life every married person shall be entitled to joint possession with his or her spouse of any real property which they occupy jointly as their principal matrimonial residence and to which neither dower nor curtesy applies. One who acquires an estate or interest in real property from a person whose spouse is entitled to joint possession thereof does so subject to such right of possession, unless such right of possession has been released, extinguished or subordinated by such spouse or has been terminated by order or judgment of a court of competent jurisdiction or otherwise.”

 A recent column in the MoneyHelp.com asks “Can my husband sell our home without my permission?”  Here’s the question:

 Q. My husband and I purchased a condo before we got married in 2001 and it was placed in his name only. We got married later that year. Our marriage has been rocky for a while and seems to be getting worse. I found out my husband is trying to sell it and not give me any of the funds acquired. Can he do this? What are my legal rights?

— Worried

 Our take on this is, unfortunately, the answer addresses the wife’s concerns strictly from a property settlement point of view and did not take into account that the soon to be ex-husband cannot sell the home without the spouse’s consent based on the above statute.  It also leaves out some important facts, such as, have the parties separated or are they in the midst of a divorce action?  In the first situation, if the non-owner spouse has abandoned the property, she may have given up her right to joint possession.  In the latter, her attorney should immediately file a Notice of Lis Pendens putting any potential buyer on notice that the wife claims an interest in the property.

 Here’s the full answer to the question posed by the MoneyHelp.com reader:

 A. We’re sorry to hear about this situation.

 New Jersey is an equitable distribution state, which means that marital property is divided equitably upon divorce – or fairly.

 “Marital property” is defined as the assets and debts acquired or earned during the course of the marriage, either individually or jointly, including real property, personal property, retirement accounts and bank accounts, as well as mortgages, loans, revolving debt, and the like, said Jeralyn Lawrence, a family law attorney with Lawrence Law in Watchung.

 She said in New Jersey, property titled in the name of one spouse rather than both spouses is not enough to exclude that property from the proverbial “marital pot.”

 “By virtue of the fact that you and your husband purchased the residence together in contemplation of marriage, with the intent to live together during the marriage and enhance the marital estate, you have both acquired an interest in the marital residence in the form of equity,” she said.

 It’s also important to know the source of funding at the time you and your husband purchased the marital residence and if your name is on any mortgage, she said.

 In the event you contributed toward the purchase of the marital residence or named on the mortgage, these facts only further embolden your claim to the equity in the home, Lawrence said.

 In New Jersey, Courts recognize both financial and non-financial contributions to the upkeep, maintenance and preservation of the home when determining both party’s interest, without placing significant weight on the names in which the deed is recorded, or mortgage is held, she said.

 “Some of these relevant factors considered by the court are contributions to the utilities to maintain the home, whether improvements were made to the home utilizing marital income, whether either you or your spouse invested physical labor into the upkeep of the home, and/or what other marital efforts, if any, caused an increase in the value of the home,” she said. “If you did contribute to these efforts in some capacity, personally or financially, you have grounds to claim a portion of the equity in the residence.”

 So your husband is not entitled to any greater share of the equity in the marital residence simply because he is individually named on the deed, she said. It may be possible for him to list the residence without your consent for that reason, but he is not entitled to retain all the proceeds for the sale without providing you with your share of the equity, she said.

 A court also has the power to restrain him from listing the sale of the home without your participation and consent, Lawrence said.

Because the specifics of your case matter here, you should speak to an experienced family law attorney who can review all the details.

Email your questions to Ask@NJMoneyHelp.com.

 This story was originally published on March 3, 2021.

 NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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A question: If I move to Florida, will the N.J. inheritance tax be due?

From NJMoneyHelp.com:

If I move to Florida, will the N.J. inheritance tax be due?

Photo: pixabay.com

---

Q. I’m a New Jersey resident but I plan to move to Florida. I would be a Florida resident but keep both houses. Would any beneficiaries of my estate — residing in New Jersey or otherwise — be subject to the New Jersey inheritance tax?
— Dad

A. Congratulations on your planned move.

It’s complicated.

Assuming you are successful in establishing Florida as your domicile, at the time of your death any real and tangible personal property you own located in New Jersey would be potentially subject to New Jersey inheritance tax, said Catherine Romania, an estate planning attorney with Witman Stadtmauer in Florham Park.

The residence of the beneficiary is not a factor in determining whether or not New Jersey inheritance tax is incurred, she said.

It’s all based on the relationship of the deceased to the beneficiaries.

She said intangible property, such as bank accounts, would not be taxable.

Assets left to Class A beneficiaries, which include your children — and charities — incur no tax, she said. Class A beneficiaries include a spouse, civil union or domestic partner, parents, grandparents, descendants, stepchildren (but not step-grandchildren), and mutually acknowledged children, she said.

“If the New Jersey real and tangible personal property is specifically bequeathed to Class A beneficiaries, or all of your assets are left to Class A beneficiaries, it is possible to entirely avoid the New Jersey inheritance tax,” she said.

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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