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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...
Upon your death, the probate process begins to handle your estate. Part of the process will include paying debts. While you may leave your estate without any debt, your heirs may get a surprise when it comes to taxes. The New Jersey State Bar Association explains some...
Many estate planners and financial advisors guide their clients towards lifetime giving strategies. The objective is typically to diminish the estate, reducing the risk of inheritance taxes. This article will look at two topics regarding lifetime gifts to individuals:...
Past posts on this blog detailed the fact that New Jersey residents face the potential of their estate being subject to tax once they pass on. With proper planning, however, they may be able to limit that potential liability. Does the same hold true for federal estate...
When you're getting older and want to make sure that your estate is not so large that you face taxes, one of the options is to take advantage of the gift tax. The gift tax allows you to give gifts to others up to an allowable amount annually. You don't have to report...
An estate plan directs where a person wishes their wealth and assets to go, such as to their loved ones, friends and charities after death (also known as, the decedent). However, there is another place the estate assets may be sent depending on the organization and...
During the holidays, over loved ones' birthdays and for other special occasions, New Jersey residents may relish in offering to their friends and relatives tokens of their love and appreciation. These gifts may range from modest items of personal meaning to lavish...
As the saying goes, the only two guarantees in life are death and taxes. And, for some people, receiving an inheritance after a loved one dies means that either Uncle Sam will take his share before the estate is distributed, or the state may ask the heirs to pay up,...
When the Tax Cuts and Jobs Act raised the threshold for the amount of assets a person can hold before they are subjected to the federal estate tax, many people in New Jersey may have cheered. After all, now that a person can hold $11 million in assets as an individual...
While New Jersey no longer has an estate tax, as of right now it is one of only a handful of states that still imposes an inheritance tax. This tax applies to any transfers of assets to certain (but not all) heirs once you pass away. And while inheritances worth $500...