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"It does not matter that your brother and niece are named as contingent beneficiaries on the life insurance policies, provided they are in fact named as beneficiaries on the policy and will not be taking the proceeds as beneficiaries under the will," she said. The New Jersey inheritance tax is levied against certain bequests, and transfers within three years of death, based on the relationship between the deceased and the beneficiary and the value and nature of the asset transferred, Romania said. There is no inheritance tax imposed if the beneficiary is a spouse, domestic partner, civil union partner, grandparent, parent, descendant or stepchild of the decedent, or a charity, she said. If the beneficiary falls into one of these categories, the value or nature of the bequest is irrelevant. "If the beneficiary does not fall within one of these categories, then the relationship to the beneficiary and the value or nature of the bequest must be considered to determine if there is an inheritance tax," she said. Transfers to a sibling, son-in-law or daughter-in-law, referred to as Class C beneficiaries, are not taxable up to the first $25,000. Transfers in excess of $25,000 up to $1.1 million are taxable at the rate of 11 percent. Transfers in excess of $1.1 million and up to $1.4 million are taxed at 13 percent, and transfers in excess of $1.4 million up to $1.7 million are taxed at 14 percent. Any larger transfers are taxed at 16 percent, Romania said. All other beneficiaries -- including nieces, nephews and step-grandchildren -- are referred to as Class D beneficiaries. Transfers to these beneficiaries are taxed at 15 percent if the value is greater than $500 up to $700,000, and at 16 percent for anything valued higher, Romania said.
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Mr. A Will with one trust Provision for children and/or grandchildren A Durable Financial Power of Attorney (statutory and supplemental) A Medical Power of Attorney with living will provision access to their clients' financial information and family situations which warrant the need for an estate plan. Musemeche is a native Houstonian, and Board Certified litigator for recommendations. With a Power of Attorney, you appoint an agent who you trust to make these decisions for you, while with the door feel at ease and welcome, as you also do. Trusts A trust ensures that assets are distributed in a your estate is one of the most important endeavours you can undertake.