New Jersey Statutes 54:36-2. Valuation of estates for life or years
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Terms Used In New Jersey Statutes 54:36-2
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
In determining the value of a life estate, annuity, or estate for a term of years, the United States Life Tables, after December 31, 1970, Single Life Male 6% and Single Life Female 6%, published by the United States Department of Health, Education and Welfare, Public Health Service, with interest at the rate of 6% per annum, shall be used and shall be effective with respect to estates of decedents dying on or after January 1, 1978.
Amended by L.1977, c. 219, s. 2, eff. July 1, 1978.