Legal Question in Tax Law in New Jersey

New Jersey estate taxes

When my father died in 2002, he left part of his estate to his two daughters, my sister and me. There was no NJ estate tax due, since the bulk of the estate went to my mother. When my mother died in 2004, I never filed an estate return because in 2003 my sister and me had transferred her assets to us for estate planning purposes. Now I understand there's a look back period, so I must file. Her estate should end up under the $675,000 limit, unless we must include the inheritance we received from our father's estate. Do we need to include this? We received directly from our father an annuity and a C.D. Thank you for your help.


Asked on 11/25/07, 11:51 am

1 Answer from Attorneys
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

Re: New Jersey estate taxes

You are correct that NJ has a 3 year look-back for gifts in contemplation of death. Therefore, even though it appears there will be no Federal Estate Tax, there may be NJ Estate Tax.

You should immediately contact an estate attorney to help you with this matter.

I hope this helps!

Ron Cappuccio

http://www.SaveYourEstate.com

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Answered on 11/25/07, 12:59 pm


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