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October 2016

NJ Repeals Estate Tax But Retains Inheritance Tax

On October 14, 2016, as part of an overall gas tax and income tax compromise, a bill was signed into law that will phase out the New Jersey Estate Tax. Currently, all New Jersey estates in excess of $675,000 are subject to the tax. The threshold for taxation will increase to $2 million for deaths occurring in 2017 and the tax will be repealed for deaths on or after January 1, 2018.
Please keep in mind the current New Jersey Inheritance Tax remains in effect. This tax, ranging from 11% to 16%, applies to all transfers at death to non-spouse, non-lineal descendants, and ascendants. Therefore, a transfer on death to a sibling, aunt, uncle, niece, nephew, cousin, friend, etc. will be subject to the New Jersey Inheritance Tax.

What Is The Estate Tax?
The estate tax is one component of the federal transfer tax system, which also includes the gift tax and the generation-skipping transfer tax.
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The Trust As Part Of An Estate Plan
To the layperson, trusts can appear complicated. People often think trusts are only for the very wealthy. In reality, trusts can be useful for people of all income levels.
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What Is Probate?
Probate is the legal process that takes place after someone dies of proving the validity of a will or establishing who is entitled to receive the decedent’s property under state intestate succession laws if there is no will.
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Who Are The Parties Involved In A Trust?
The person who creates a trust is called the creator, the settlor, or the grantor. The trustee is the person or persons who hold title to the trust property in their name.
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AICPA Tax Attorney CPA, CFP®, Melville NY

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Lawrence Israeloff, Esq., CPA, CFP®

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