NJ Estate Tax Law- a New Era for 2017
Generally speaking, a New Jersey resident who passed away prior to December 31, 2016 is subject to NJ estate tax if their estate exceeds $675,000.
As of January 1, 2017 the threshold for NJ estate tax goes up to $2M for those estates where the decedent passed away in 2017. Effective January 1, 2018 the NJ estate tax will be eliminated in its entirety.
While this does not eliminate NJ’s Transfer Inheritance Tax requirement or federal estate tax obligations this change in the law does signal welcome relief for those individuals with modest estates ($5.45M or less) who want to plan for their families future.
Like all things important please consult your accountant, certified financial planner and attorney for the proper direction.