![]() Veterans Benefits to Pay for Long Term Care (18).Understanding When a Trust Should Be Used in NJ (16).Special Needs Trusts for Minor Children and Adults (37).Public Benefits Law for Special Needs and Disabled Persons (20).Mental Health and NJ Law Regarding Involuntary Commitments (1).Medicaid Eligibility and Asset Protection Planning (76).Estate Administration and Probate (148).Elder Abuse and Financial Exploitation (33).Discharge from a NJ Nursing Home Defense (8). ![]() Applying for Medicaid Long Term Care Benefits (30).Covenants Not to Compete and Restraints (8).Business and Corporate Legal Services (45).Personal Injury and Negligence Cases (11).of Hanlon Niemann & Wright, a Freehold Township, Monmouth County, NJ Trust Attorney toll-free at (855) 376-5291or email him at Please ask us about our video conferencing or telephone consultations if you are unable to come to our office.īy Fredrick P. To discuss your NJ trust matter, please contact Fredrick P. It states: (a) A transfer of realty to a grantee in trust to hold the property for the exclusive use and benefit of the grantor is not subject to a realty transfer fee, since the rights of ownership are still completely enjoyed by the grantor as beneficial owner. The answer is if the trust is for the benefit of a grantor and no one else, then a transfer of real estate to trust is exempt from the transfer tax. ![]() If these liens, mortgages remain after closing, in my opinion, the rule is clear – they are consideration and subject to the RTF. NJAC 18:16-2.2 provides, however, that mortgages or other liens and encumbrances which are not paid, satisfied, or removed are “legal consideration”. The same provision states that the exemption is not applicable if the trust is for the benefit of other beneficiaries. 18:16-5.11 (there is no RTF if the consideration stated in the deeds is less than $100 and the deed contains language confirming there is a mortgage but it is remaining the responsibility of the grantors and that is it not being assumed by the grantee/Trustee).Ī revocable trust for the sole benefit of the grantor is not subject to RTF (NJAC 18:16-5.11). Or could we escape this fee (tax!) under N.J.S.A. The question asked of me was if the transfers were subject to NJ’s Realty Transfer Fee (RTF) based on the balance of the unpaid mortgages placed on the properties. Both properties were subject to mortgages. Recently, an out of state client wanted to transfer two NJ properties into a revocable living trust.
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