New Jersey Statutes 54:34-1.1. Irrevocable disposition of reserved income, rights, etc., over property transferred 3 years prior to death
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Terms Used In New Jersey Statutes 54:34-1.1
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
A transfer of property by deed, grant, bargain, sale or gift wherein the transferor is entitled to some income, right, interest or power, either expressly or by operation of law, shall not be deemed a transfer intended to take effect at or after transferor’s death if the transferor, more than 3 years prior to death, shall have executed an irrevocable and complete disposition of all reserved income, rights, interests and powers in and over the property transferred.
L.1955, c. 135, p. 623, s. 1.