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Property deed

A deed is a written document describing a piece of real estate and documenting the transfer of ownership from one person (the grantor) to another (grantee).

Stella Bondar | Feb 18, 2019

To "Gift" or "Not to Gift"

Will your Estate be taxable? * Today there is NO New Jersey Estate Tax. The NJ Estate Tax was eliminated as of January 1, 2018. * The New Jersey Inheritance Tax is STILL IN EFFECT. This is a tax imposed on transfers to beneficiaries who are NOT spouses, parents, children or grandchildren (i.e., nieces, nephews, siblings, friends, etc.) New Jersey Inheritance Tax rates start at 11% and go as high as 16%.) * The Federal (Internal Revenue Service): The official estate and gift tax limits for 2019: The estate and gift tax exemption is $11.4 million per individual, up from $11.18 million in 2018. That means an individual can leave $11.4 million to heirs and pay NO FEDERAL ESTATE OR GIFT TAX, while a married couple will be able to shield $22.8 million. * The lifetime gift tax exemption for gifts made during 2019 is $11,400,000. The top marginal rate remains 40 percent. The gift tax annual exclusion amount remains $15,000. The annual exclusion for gifts made to non-US citizen spouses in 2019 is $155,000. PLEASE NOTE: When you transfer real estate property to another person or legal entity (e.g., trust, LLC, etc.) by Quitclaim Deed, the fair market value of the percentage ownership transferred may be considered a GIFT for tax purposes. For the ultra rich, these numbers represent planning opportunities. For everybody else, they serve as a reminder: Even if you don*t have a taxable estate, you still need an estate plan. Disclaimer The information contained in the Law Office of Stella V. Bondar, Esq., P.C. website, LinkedIn, facebook page, Twitter or any other site posted by or under the name of Stella V. Bondar, Stella V. Bondar, Esq., or the Law Office of Stella V. Bondar, Esq., P.C. is provided for informational purposes only. It does not constitute advertising of legal services and it should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. The content of this website contains general information and may not reflect current legal developments, verdicts or settlements. The Law Office of Stella V. Bondar, Esq., P.C. expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this site. The use of the Law Office of Stella V. Bondar, Esq., P.C. website, LinkedIn or facebook or Internet e-mail to send sensitive or confidential information is discouraged. The transmission of the Law Office of Stella V. Bondar, Esq., P.C. site or facebook, in part or in whole, and/or communication with the Law Office of Stella V. Bondar, Esq., P.C. via Internet e-mail through this site does not constitute or create an attorney-client relationship between the Law Office of Stella V. Bondar, Esq., P.C. and any recipients. The firm does not necessarily endorse, and is not responsible for, any third-party content that may be accessed through this website.