transfer of real estate in NJ

This is a discussion on transfer of real estate in NJ within the Wills, Trusts, Estates forum, part of the FAMILY LAW, DIVORCE, CUSTODY category; I am looking to transfer the ownership of a residential property in NJ with no outstanding mortgage, but do not ...

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Old Aug 27th, 2009, 01:14 PM   #1
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Default transfer of real estate in NJ

I am looking to transfer the ownership of a residential property in NJ with no outstanding mortgage, but do not want to initiate a tax event. What is the best way to accomplish this in the state of NJ? Quit Claim Deed, Trust, etc...????
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Old Aug 29th, 2009, 11:05 AM   #2
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Default Re: transfer of real estate in NJ

There are many options but we normally recommend you have a brief meeting with a reputable financial planner first--then all options including trusts, gifts etc. can be carefully reviewed by you depending on your individual circumstances--options do vary widely depending on the details in this area of planning.

Trusts are often the easiest and least expensive. Quitclaims can trigger taxable events so you must have tax pros involved.
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Old Sep 1st, 2009, 02:40 PM   #3
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Default Re: transfer of real estate in NJ

Correct. Leaving the property in a Living Trust is the best way to go. Joint Tenancy is another way but there will still be SOME form of transfer tax that accompanies any new deed that is drawn up.
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