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Darth Baiter

Property deed transfer question

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There was a death in the family last year and my wife is the executrix of the estate. She needs to transfer the deed to the house here in NJ to another name. Simple? Complex? Cost? Just trying to get some ideas. I spoke to the county Deed Office and they recommended an attorney first. Second suggestion they had was to pick up a blank deed form at any stationary store, fill it out, and have it recorded by the county clerk. The last one seems to simple. Nobody is buying or selling, just transferring the deed to my wife and her brother per the will. Will's been probated, estate tax paid :mad: and state waiver received and recorded. Sol input based on similar experiences?

Thanks much.

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Craig - If you don't get an answer here by tomorrow afternoon, I will have Donna ask at the office when she goes into work Monday, as someone there should know.

 

 

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There was a death in the family last year and my wife is the executrix of the estate. She needs to transfer the deed to the house here in NJ to another name. Simple? Complex? Cost? Just trying to get some ideas. I spoke to the county Deed Office and they recommended an attorney first. Second suggestion they had was to pick up a blank deed form at any stationary store, fill it out, and have it recorded by the county clerk. The last one seems to simple. Nobody is buying or selling, just transferring the deed to my wife and her brother per the will. Will's been probated, estate tax paid :mad: and state waiver received and recorded. Sol input based on similar experiences?

Thanks much.

 

The second suggestion they gave you is the way to go. Fill out the blank deed form with the same property description as on the prior deed just change to the new owners name and take it to the county clerk office to have it recorded. You might have to bring a copy of the will. It's pretty simple.

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Craig, send a PM to Title Guy. This stuff is what he does.

 

There is more to it than just filling out a deed and having it recorded. Anytime I've seen them (deed transfers) in the office a legal description (from the survey) and title insurance riders are usually attached.

 

 

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Craig, send a PM to Title Guy. This stuff is what he does.

 

There is more to it than just filling out a deed and having it recorded. Anytime I've seen them (deed transfers) in the office a legal description (from the survey) and title insurance riders are usually attached.

 

 

Mike,

Thanks. PM sent to Tguy - love his Avatar. :)

Craig

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Mike,

Thanks. PM sent to Tguy - love his Avatar. :)

Craig

 

could ya please share what ya find out ... I'm in a similar situation and could use the advice as well

 

 

OH, let me add that I did meet with a CPA and he suggested getting the place appraised which would accompany an IRS form because within 2 or 3 years they will be looking for that information

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Craig--my brother & his wife are going thru this right now. Her brother died and she is the executrix.

I just called my brother and left a message for a call back. If he has useful/current info, would you want to talk to him?

 

Mike

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Craig--my brother & his wife are going thru this right now. Her brother died and she is the executrix.

I just called my brother and left a message for a call back. If he has useful/current info, would you want to talk to him?

Mike

 

my wife is also an executrix preently and maybe you could share your brothers info here - I'd appreciate it

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Mike,

Thanks. PM sent to Tguy - love his Avatar. :)

Craig

 

could ya please share what ya find out ... I'm in a similar situation and could use the advice as well

 

 

OH, let me add that I did meet with a CPA and he suggested getting the place appraised which would accompany an IRS form because within 2 or 3 years they will be looking for that information

 

The house was appraised in order to file an estate tax return in NJ. The estate as a whole was over the NJ max because of the house and NJ got paid ~$40K. Word to the wise - there are ways to avoid paying any estate tax, you need to plan for the inevitable or the state sucks in something they didn't earn IMO.

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couldn't agree more DB

 

but I believe that estate tax threshold is 675,000 ... does that sound correct ?

 

the Feds went up to a million but the schmucks in Trenton decided to maintain their figure cause it brought in sums they could squander on BS ! :mad:

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My wife just sold her brother's car by taking the death certificate and the letter from the surrogates office down the motor vehicle. Have your wife call the county clerk to see if she can do the same with a house.

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My wife just sold her brother's car by taking the death certificate and the letter from the surrogates office down the motor vehicle. Have your wife call the county clerk to see if she can do the same with a house.

 

 

Craig---this is my brother.

 

Also, doesn't a "shelter trust" minimize an estate exposure to the "death tax"? I just don't know if it applies to federal tax only or both federal & state.

 

I also think that the federal estate tax threshold is $5 million until the end of 2013 but the state has not changed. Keep a record of all appraisals because if you sell an inherited piece of property, your taxable gain is based on the value of the property on the day of death. This also applies to stocks etc. if they are part of an estate.

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The house was appraised in order to file an estate tax return in NJ. The estate as a whole was over the NJ max because of the house and NJ got paid ~$40K. Word to the wise - there are ways to avoid paying any estate tax, you need to plan for the inevitable or the state sucks in something they didn't earn IMO.

Estate tax is a 100% voluntary tax. By this I mean with just a little planning, you can avoid paying it.

 

Lets face it, a million dollars, let alone $675,000, isn't what it once was.

 

 

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