New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX
Subchapter 5 - TRANSFERS SUBJECT TO TAX
Section 18:26-5.15 - Proceeds under matured endowment policies
Universal Citation: NJ Admin Code 18:26-5.15
Current through Register Vol. 56, No. 6, March 18, 2024
(a) In the case of a decedent who dies subsequent to the maturity of an endowment policy, the proceeds are taxable whether payable to a designated beneficiary or beneficiaries or to the estate of such decedent.
(b) Endowment policies that have all the attributes of life insurance policies prior to maturity are exempt if payable to a specific beneficiary and if the decedent died prior to maturity, but are taxable if payable to the estate for distribution by will.
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