New Jersey Estate & Inheritance Tax: Reducing the Size of the Estate Through Gifting
New Jersey is one of only a few states that impose both an inheritance tax and a state estate tax. The inheritance tax applies when someone who lived in New Jersey, or owned property there, leaves property to someone who isn’t a close relative. The tax rate depends on how closely the inheritors and deceased […]
New Jersey Estate Tax — The Uninvited Guest
New Jersey collects both an inheritance tax and its own estate tax, separate from the federal estate tax. Under current law, the estate of every New Jersey resident decedent dying after December 31, 2001 shall be taxed as if the death occurred under the federal laws in effect on December 31, 2001. Because the applicable […]