The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment. This can be conveyed earlier at age 18 if noted in the trust terms.North Dakota does not impose an inheritance tax.
North Dakota imposes an estate tax equal to the maximum credit allowed under the federal tax code for paid state estate and inheritance taxes under IRC Sec. 2011. However, the current federal tax code does not permit a credit for paid state estate or inheritance taxes. Therefore, there is no credit estate tax in effect at this time.
North Dakota does not impose a GST tax.
North Dakota does not impose a gift tax.
The minimum age of a person competent to make a will is 18.
The number of witnesses necessary to execute a will is two.
The original custodial gift may be a life insurance policy or annuity contract.
Custodial property may be invested in or used to pay premiums on (1) a policy on the minor's life if the minor's estate is the sole beneficiary, or (2) a policy on a third party in whom the minor has an insurable interest, if the minor or the custodian is the irrevocable beneficiary.
The custodial arrangement terminates when –
The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment. This can be conveyed earlier at age 18 if noted in the trust terms.
The minor child reaches age 18 for other custodial transfers.
The minor child dies.
Non-qualified Annuities: No exemption.
Life Insurance Cash Value: Up to $8,000 if the owner is the insured or someone on whom the debtor is a dependent is the insured.
Life Insurance Proceeds: Exempt from creditors of the insured. Exempt from creditors of the beneficiary if the beneficiary was a dependent of the insured to the extent reasonably necessary to support the debtor and any dependent.
The North Dakota state legislature has introduced, but not yet approved, The Uniform Fiduciary Access to Digital Assets Act to ensure that testators can retain control of their digital property and plan for its ultimate disposition. To read more about the Act, click here.
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