Wednesday, October 28, 2015

NJ Estate Tax if estate over $675,000











more info at http://www.njlaws.com/NJ-Estate-Tax.htm
NJ Estate Tax
A New Jersey estate tax return must be filed if the decedent's gross estate plus adjusted taxable gifts exceeds $675,000. It must be filed within nine months of the decedent's death (nine months plus 30 days if the Form 706 method is used).
Current Federal tax laws allow you to leave an unlimited amount to a spouse, tax-free. When your spouse dies, the estate is entitled to a $5,250,000 tax exemption. The first $5,250,000 goes to your beneficiaries free of estate tax. However, the NJ Estate Tax starts at $675,000.
You can hire an attorney to set up Trusts to try to reduce taxes due. A separate stand alone Trust has a minimum fee for $2,000. We charge a minimum fee of $600 for each Trust within a Will.

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