NJ Form L-8 Affidavit and Self-Executing Waiver
Form L-8 is for the release of certain assets without the need for a formal New Jersey inheritance tax waiver. It covers bank accounts, stocks, bonds, brokerage accounts, and life insurance policies. The form is used for beneficiaries including spouse, parents, grandparents, and children.
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How do I fill this out?
To fill out this form, begin by ensuring that you meet the criteria listed. Complete all required fields with accurate and precise information. Make sure to properly certify and notarize the form before submission.
How to fill out the NJ Form L-8 Affidavit and Self-Executing Waiver?
1
Ensure eligibility as listed on the form.
2
Complete the decedent and beneficiary information accurately.
3
List all applicable assets and their values.
4
Certify and notarize the affidavit.
5
Submit to the Division of Taxation as instructed.
Who needs the NJ Form L-8 Affidavit and Self-Executing Waiver?
1
Parents or grandparents of the decedent, for inheritance tax purposes.
2
Children or stepchildren of the decedent, to release inherited assets.
3
Surviving spouses, to claim assets without a formal tax waiver.
4
Executor or administrator of an estate, to release bank accounts and other assets.
5
Beneficiaries named in life insurance policies, to claim the proceeds.
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What are the instructions for submitting this form?
Submit the completed Form L-8 to the New Jersey Division of Taxation, Individual Tax Audit Branch, Transfer Inheritance and Estate Tax, 50 Barrack Street, P.O. Box 249, Trenton, NJ 08695-0249. Ensure the form is properly certified and notarized. If required, seek guidance from the institution releasing the assets.
What are the important dates for this form in 2024 and 2025?
The important dates for this form include the decedent's date of death and the dates for submitting the form to the Division of Taxation. The due date for the submission will depend on when the decedent passed away.
What is the purpose of this form?
Form L-8, Affidavit and Self-Executing Waiver, serves the purpose of allowing beneficiaries to release certain assets from the decedent's estate without the need for a formal New Jersey inheritance tax waiver. This includes bank accounts, stocks, bonds, brokerage accounts, and life insurance policies. The form is applicable to beneficiaries such as parents, children, and spouses under specific criteria.
Tell me about this form and its components and fields line-by-line.
- 1. Decedent's Name: Enter the last, first, and middle name of the decedent.
- 2. Decedent's S.S. No.: Enter the Social Security Number of the decedent.
- 3. Date of Death: Enter the date of death of the decedent in mm/dd/yy format.
- 4. County of Residence: Enter the county where the decedent resided.
- 5. Testate/Intestate: Specify whether the decedent died testate (with a will) or intestate (without a will).
- 6. Description of Property: List the property to be released, including details such as market value at the date of death.
- 7. Beneficiary Information: Enter the name and relation of the beneficiary to the decedent.
- 8. Executor/Administrator Information: Include the name, address, and Social Security or Federal Identification Number of the executor or administrator.
- 9. Notary Public: Complete the notary public section required for notarization.
- 10. Institution Information: Enter the name and address of the institution accepting the affidavit.
What happens if I fail to submit this form?
Failure to submit this form may result in delays in releasing the decedent's assets and potential legal or tax consequences.
- Asset Release Delay: Delays in asset distribution to the beneficiaries.
- Legal Issues: Possible legal complications in estate handling and settlement.
- Tax Implications: Potential tax penalties or additional tax liabilities for the estate.
How do I know when to use this form?
- 1. Eligible Beneficiaries: When the beneficiaries are parents, children, or spouses of the decedent.
- 2. Specific Assets: When releasing bank accounts, stocks, bonds, brokerage accounts, or life insurance policies.
- 3. Executor or Administrator: When the executor or administrator needs to distribute estate assets.
Frequently Asked Question
What is Form L-8 used for?
Form L-8 is used for the release of certain assets without needing a formal New Jersey inheritance tax waiver.
Who can use Form L-8?
Beneficiaries such as parents, children, spouses, and executors of the estate can use this form.
How do I fill out Form L-8?
Ensure eligibility, complete all fields accurately, list applicable assets, certify and notarize the form, and submit it to the Division of Taxation.
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Do I need to notarize Form L-8?
Yes, Form L-8 requires notarization before submission.
What assets can be listed on Form L-8?
Bank accounts, stocks, bonds, brokerage accounts, life insurance policies, and annuity contracts can be listed.
Where do I submit Form L-8?
Submit the completed form to the New Jersey Division of Taxation, PO Box 249, Trenton, NJ 08695-0249.
What if I need multiple copies of Form L-8?
You can reproduce Form L-8 as needed, but each institution releasing assets will require a separate affidavit.
Related Documents - NJ Form L-8
Affidavit for Real Property Tax Waiver - NJ Resident Decedent
This form is necessary for New Jersey resident decedents seeking a real property tax waiver for dates of death prior to January 1, 2018. It must be completed accurately and submitted with the required documents. Make sure all conditions are met to use this form.
