Who needs an L-8 form?
In the state of New Jersey, the beneficiaries of the deceased (spouse, child, parent, grandchild, grandparent or stepchild) have to pay the Inheritance Tax Return if the total sum of the estate is more than $675,000. However, if it is less than this figure, the beneficiaries may file the L-8 form, Affidavit and Self-executive Waiver to transfer the bank accounts, stocks and bonds of the deceased without paying the inheritance tax. It should also be mentioned that the beneficiaries can use this form only if the decedent died after the 31st of December 2001.
What is the purpose of the L-8 form?
This form is the Affidavit and Self-Executing Waiver used to transfer the bank accounts, bonds, stocks and the brokerage accounts of the decedent. The form is filed with the corresponding financial institution or broker where the asset is located. A separate affidavit should be filed for each asset.
What other documents must accompany the L-8 form?
This affidavit is to be accompanied by the copies of the testament and all additional writings and codicils. The financial institution may need other documents that should be provided on request.
When is the form L-8 due?
This form must be filed by the releasing institution with the Division of Taxation, Individual Tax Audit Branch within five business days of execution.
What information must be provided in the L-8 form?
The form must have the information about the decedent: name, SSN, date of death, country of residence), answers to all the questions, information about the property requested to be released and beneficiaries.
The form must be certified by a notary public and completed by the releasing institution as well.
Where do I send the completed L-8 form?
First, the Affidavit is filed with the appropriate financial institution, and afterwards, it’s forwarded to Barrack Street, Trenton, NJ. The affine also should receive a copy.
