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Changes to the NJ Estate Tax

Changes to the NJ Estate Tax

On Behalf of | Nov 25, 2016 | Estate Planning

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.

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