Consider the following hypothetical case. A parent (living in New Jersey) dies, in 2023, leaving all his money to his daughter, who is over 21, in the state of New Jersey. His sole assets are two brokerage account worth 3 million dollars each. One of the accounts is a living revocable trust account and the other is an individual account with a TOD to the living revocable trust.
For the living revocable trust account you do not need to file form L-8 and you do not need a tax waiver. Since the individual account is transferring assets to a trust, I claim you cannot file form L-8 for that account. For the individual account, do you need a tax waiver? and if you do, how are suppose to get it?
