Donnelly Ritigstein Law Offices
Call for a Free Consultation
Toll Free 866-907-6368 Local 856-324-6147

Do you need to plan for estate taxes in New Jersey?

Many of our readers are probably familiar with terms like "death tax," which is an unfortunate reference to state and federal estate taxes. Under federal tax law, there are certain estates that will be subject to taxation if they exceed a designated dollar amount. However, there are also many states that institute their own estate taxes. So, do New Jersey residents need to plan for estate taxes?

The short answer is "yes," and this type of tax planning may be a bigger part of a comprehensive estate plan for New Jersey residents than it might be for residents of other states. Why? Well, it is because New Jersey has some of the imposing estate taxes of all the states in the country.

In New Jersey, there is an estate tax and an inheritance tax. Estates that have a value of $675,000 or more could see a significant chuck of the value of the estate bitten off by an estate tax that could be up to 16 percent. The inheritance tax, fortunately, only applies to certain beneficiaries, those who are outside of the normal bounds of relationships like spouses or children.

When you combine tax law with estate and probate law, many New Jersey residents probably shudder at the idea of getting involved in any type of planning that involves those areas. It can be confusing, but with the right approach an appropriate plan can be put in place. It's all about getting the right information for your own unique circumstances.

Post Type: Q&A

No Comments

Leave a comment
Comment Information

Moorestown Office
212 West Route 38
Suite 200
Moorestown, NJ 08057

Map & Directions

Haddonfield Office
132 Kings Highway E
Suite 105
Haddonfield, NJ 08033

Map & Directions

Linwood Office
327 Central Avenue
Linwood, NJ 08221

Map & Directions

Cape May Court House Office
618 Route 9 South
Cape May Court House, NJ 08210

Map & Directions

Gloucester, Cumberland and Salem County Offices
57 Euclid St.
Woodbury, NJ 08096

Map & Directions

Back To Top