A loved one left you in charge of overseeing her or his estate. You do not mind accepting the role, but do you know your responsibilities to the estate's heirs? SmartAsset breaks down what executors owe beneficiaries. Learn how to act in the estate's most favorable...
Month: September 2021
How does inheritance tax work in New Jersey?
New Jersey does not have a formal estate tax, but it does have something called inheritance tax. First established in 1892, the state’s inheritance tax comes into play when you die and leave assets to a predetermined beneficiary. Per the New Jersey Department of the...
What is a tax nexus?
A tax nexus sounds like something out of science fiction. However, if you are the administrator of the trust, you have to know what it is and whether the trust has one because it affects your responsibility to pay taxes on it. According to the New Jersey Department of...
An estate plan may require a business succession strategy
Business owners in New Jersey may include a succession strategy as part of their estate planning documents. As noted by SmartAsset.com, dying without a will in the Garden State generally means a surviving spouse receives an individual's property, which may include...