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The New Jersey Estate Tax Exemption Set to Increase

Close up of estate tax return

At long last, New Jersey is finally moving into the 21st century with regard to death taxes! This has been a long time coming.

The New Jersey Estate Tax exemption will increase from $675,000 to $2 million for the estates of resident residents dying on or after January 1, 2017, but before January 1, 2018.

I have not yet seen anything yet regarding the rates for an estate greater in value than $2,000,000, but I assume the rates will be the same as they are now for an estate of that size, or a little bit higher.

There have been no changes regarding the New Jersey Inheritance Tax. Meaning, beneficiaries who are not direct, lineal descendants will pay 11% or 15% depending on their degree of kinship.

If you have any questions, or need help probating the estate or filing estate or inheritance tax returns, give us a call at (609) 654-5489. That’s what we do for a living.