When people in Parsippany think of estate planning, they may conjure up the image of a rich old relative dictating his last will and testament on his deathbed. However, even the young or those of modest means can benefit from having an estate plan. There are a number of good reasons why estate planning is valuable to just about anyone.
New Jersey does not have an estate tax as of January 1, 2018. However, it is one of the remaining states to have an inheritance tax. Also known as a "beneficiary" task, the basis of this tax is on the person who receives an inheritance as well as the amount of the estate that person inherited. An inheritance tax applies to bequests worth at least $500. The tax amounts from 11 percent to 16 percent on inheritances.