N.J. Admin. Code § 18:26-11.21

Current through Register Vol. 56, No. 21, November 4, 2024

Section 18:26-11.21 - Specific waiver situations

(a) Waiver requirements for the following specific accounts are as follows:

1. Individual retirement accounts. Except as otherwise set forth in this chapter, including at N.J.A.C. 18:26-11.8, a waiver is required for the transfer of any Individual Retirement Account in which the funds are held in a financial institution that would otherwise require a waiver, as specified in N.J.A.C. 18:26-11.1(a).

2. Brokerage accounts. Except as otherwise set forth in this chapter, a waiver will be issued only for the total date of death value of a brokerage account. Blanket waiver provisions as specified in N.J.A.C. 18:26-11.16, will apply to the date of death value of said accounts. No waiver is required for the transfer or sale of any assets within the brokerage account (that is, the conversion of stocks and bonds to cash).

3. Estate accounts. Except as otherwise set forth in this chapter, including at N.J.A.C. 18:26-11.8, waivers consenting to the transfer of funds from an estate account are not required and will not be issued.

4. Qualified Tuition Program. Except as otherwise set forth in this chapter, including at N.J.A.C. 18:26-11.8, a waiver is required for the transfer of any Qualified Tuition Program, as defined by 26 U.S.C. § 529, in which the funds are held in a financial institution that would otherwise require a waiver, as specified in N.J.A.C. 18:26-11.1(a).

N.J. Admin. Code § 18:26-11.21

Adopted by 50 N.J.R. 1624(a), effective 7/16/2018