Q. My mother is about to die. I am the sole heir and executor of his will. How to manage the transfer of the car to my name without delay so that I can continue to drive the vehicle? I have the title and there is no lien on the car.
– Do things right
A. We are sorry to hear about your mother.
If she is able to do so, or if there is a valid power of attorney for an agent to donate, it may be easier for your mother to give you the car before she dies by signing the title deed of the property. car, said Catherine Romania, estate planning lawyer at Witman Stadtmauer in Florham Park.
You can then come in person to a local New Jersey Motor Vehicle Commission office to transfer the title, she said.
“Unfortunately, due to the COVID-19 pandemic, these offices are closed and only online transactions are possible at this time, so actual registration with the Motor Vehicle Commission may have to wait.” , she said.
If the value of the car is less than $ 15,000 and the car and other gifts given to you in the same year do not exceed that amount, there will be no federal income tax return. donations to be deposited, Romania said. This is because there is an annual exclusion for donations of less than $ 15,000 per year per donee.
“Even if the value exceeds the annual exclusion requiring a donation tax return to be deposited, there is no tax unless the donor has used the entire federal amount of the inheritance and gift tax exemption, which in 2020 amounts to 11, $ 58 million, ”she said. In addition, there is no fear of bringing the gift back as a gift in anticipation of death for New Jersey estate tax determinations, as descendants are exempt from New Jersey. inheritance tax.”
If your mother is not good enough to sign the title and there is no valid power of attorney allowing the donation, you can still drive the car for a while while waiting for the transfer of title after your mother dies. , said Romania.
According to the New Jersey Motor Vehicle Act 39: 3-30.3, a driver authorized by a family member of the deceased can continue to drive the vehicle of the deceased for 30 days after the death of the deceased, Romania said.
“Usually that’s enough time to show up in person at a local New Jersey Motor Vehicle Commission office to transfer the title,” she said. “Unfortunately, due to the COVID-19 pandemic, offices are closed and only online transactions are possible at this time, so such a transfer may have to wait. “
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Karin Price Mueller writes on Bamboo column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Sign up for NJMoneyHelp.com‘s weekly electronic newsletter.
