IRA with Beneficiary NJ - does it get listed in estate value?

[Tiffanyc]

Should an IRA with a named beneficiary be listed in an estate date of death value in NJ?

Thank you.

[seniorjudge]

Originally Posted by Tiffanyc

Should an IRA with a named beneficiary be listed in an estate date of death value in NJ?

Thank you.

This concept was discussed extensively and accurately in your other threads you posted.

[url]http://forum.freeadvice.com/showthread.php?t=307470[/url]

[url]http://forum.freeadvice.com/showthread.php?t=307326[/url]

See the above threads for your answer.

[Tiffanyc]

so I can infer from your response that the IRA should not be in the estate date of death value. Correct?

[anteater]

Originally Posted by Tiffanyc

so I can infer from your response that the IRA should not be in the estate date of death value. Correct?

From this and your other thread:

[url]http://forum.freeadvice.com/showthread.php?t=307470[/url]

There may be confusion between the "gross estate" and the "probate estate."

In simplified terms, the "gross estate" is the value of most everything that the deceased owned. Whether there was a named beneficiary or whether an asset was co-owned does not make a difference. The manner in which ownership is passed to beneficiaries, by law or through the probate process, does not make a difference. The gross estate value needs to be determined in order to determine if any federal or state estate/inheritance taxes are due.

The "probate estate" would consist of only the deceased's assets that will be distributed to beneficiaries through the probate process, either under tems of a will or, if there is no will, under the intestate succession provisions of the state probate code.

So, to your specific question about the IRA, the value would be included in the gross estate even though there is a named beneficiary. But, it would not be part of the probate estate.

[Tiffanyc]

Then I'm guessing that the gross estate is what I am reporting to the state of NJ as the date of death value. So the IRA would be included.

In regards to the bonds as the administrator how do I know who owns the bonds?

Is there anyway to look up who bought the bond?

How does one prove ownership over a bond (when two names are listed and no taxes have been paid yet)?