New Jersey no longer has its own estate tax. There is a federal estate tax, but the exemption against this tax is about $12 million per person, which means that it does not apply to the vast majority of people.
However, New Jersey does have an inheritance tax. The inheritance tax will only apply to NJ residents whose heirs are not spouses, parents, or children. The inheritance tax rates can be as high as 16%.
Feel free to contact us with any questions.
#trusts #tax #IRAs #taxexpert #taxadvise #taxes #estateplanning #trusts101 #taxesareeasy #taxesmadesimple #morristown #morristowntaxattorney #njlawyer #njtaxattorney #morristownnj