J. Jeffrey Press, P.A.
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October 2018 Archives

Is estate planning only for the old and wealthy?

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.

Inheritance tax still applies to some New Jersey heirs

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.

J. Jeffrey Press, P.A.
8 Wood Hollow Road
Plaza Level - Suite 2A
Parsippany, NJ 07054

Phone: 973-323-2654
Fax: 973-288-2070
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