18 Apr How can I transfer my condo to my girlfriend when I die?
Q. I am the owner of a condo in Middlesex County. How can I transfer the condo to my girlfriend when I die?
A. We hope you’re around for a long time, but we’re glad you’re trying to prepare.
The simplest way to convey the condo to your girlfriend upon your death is to include a provision in your will bequeathing the condo to her, said Shirley Whitenack, an estate planning attorney with Schenck, Price, Smith & King in Florham Park.
“She will have to pay a New Jersey transfer inheritance tax since she is not your spouse, but the will can direct the executor to pay the inheritance tax from other assets in the estate,” Whitenack said.
It’s worth having a conversation with an estate planning attorney to see if there are any other planning techniques you should consider.
Email your questions to moc.p1590989324leHye1590989324noMJN1590989324@ksA1590989324.
This story was originally published on April 15, 2020.
NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.