As estate planning attorneys, we are often focused on the federal and state-level transfer tax consequences of an estate plan and accomplishing a family’s goals. Our planning often involves real estate, but we are frequently less focused on the issues of environmental law, real estate law and real estate taxes that arise in this context.
This article discusses a number of issues that estate planners should be aware of when advising clients regarding an estate plan that involves real estate. Issues include New Jersey ISRA application, mortgage compliance, insurance issues, Realty Transfer Tax, Mansion Tax and Controlling Interest Transfer Tax. While estate planners themselves may not need to be experts in these areas, they need to know enough to recognize the issues that can arise, and to address these issues appropriately.
ISRA Requirements
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