What New Jersey Residents Should Know about Estate Taxes

Despite the passage of certain tax cuts and income threshold adjustments that were included in the president’s tax reform package, the federal estate tax was not repealed. The good news is that the threshold at which assets can be taxed has been doubled to approximately $11 million ($22 million for married couples). This is good news for New Jersey residents, but they will be even more pleased to discover that they will not have to pay estate taxes to the state.
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New Jersey Estate Tax Repeal Takes Effect

On October 14th, 2016, then-Governor Christie signed a law that would eliminate the New Jersey estate tax entirely by January 1, 2018. Beginning in 2016, decedents could not be taxed on an estate of less than $675,000. As of January 1, 2017, there was no tax on a decedent’s taxable estate of less than $2 million. Now, the New Jersey estate tax is eliminated altogether. Continue reading “New Jersey Estate Tax Repeal Takes Effect”