There is no longer an estate tax in New Jersey, but there is still an inheritance tax. This law has many different exemptions and complications, making it all the more important to retain an experienced New Jersey estate planning lawyer.
Until January 1st, 2018, New Jersey had both an estate tax and an inheritance tax. After that estate tax was repealed on January 1st, however, there is only an inheritance tax in addition to any applicable federal estate tax. If you are a family member of the deceased person, however, you could be exempted from the inheritance tax.
This is true if you are the mutually acknowledged child or stepchild, a great-grandchild, spouse, domestic partner, civil union partner or parent or grandparent of the deceased. Furthermore, inheritances that are left behind to schools, religious institutes, and charitable organizations are exempted from the inheritance tax.
There are many different federal and estate tax situations that you should incorporate into your overall estate planning. Beyond the state estate tax, you should also consider the federal estate tax returns, the federal estate and trust tax income return, income tax return, and the final state and federal income tax returns.
Make sure that you have had an experienced and knowledgeable New Jersey estate planning lawyer to review the basic requirements to ensure that your will is viewed as legitimate in New Jersey. There are a couple of different requirements that must be met in this effort. Schedule a consultation today with an experienced estate planning lawyer to learn more about how this can affect you.