Campbell & Pruchnik, LLC
Valuable Services At Reasonable Fees
Phone: 732-994-6092
Areas & Topics

Changes to the NJ Estate Tax

In October, Governor Chris Christie signed into law a repeal of the state's Estate Tax as part of the deal including a 23 cents per gallon gas hike.

New Jersey's Estate Tax repeal will be effective as of January 1, 2018.  The Estate Tax exemption will go from its current low of $675,000 to $2 million for deaths as of January 1, 2017.  Individuals can now leave $2 million to heirs without a state Estate Tax levy. Monies left to spouses and children is always exempt.  Monies left to non-direct family members are subject to the New Jersey Inheritance Tax.

Out of state owners of beach houses also benefit as the new legislation eliminates a provision that imposed Estate Tax on the New Jersey property of non-resident decedents.

No Comments

Leave a comment
Comment Information

Contact

Jackson Office
19 N. County Line Road
Jackson, NJ 08527

Phone: 732-994-6092
Map & Directions

Red Bank Office
43 West Front Street
Suite 10
Red Bank, NJ 07701

Phone: 732-994-6092
Map & Directions

Review Us
Click Here To Read Our Reviews