Legal Question in Tax Law in New Jersey

For my mother�s estate and inheritance:

1) What are all of the various types of taxes that are due: (Estate, Inheritance, Federal, State, etc.)?

2) What all needs to be filed (Estate, Inheritance, Federal, State, etc.)?

Details:

- She was a widow

- She died September, 2012 in NJ

- Estate value - $200k - $300k.

- The sole beneficiaries are her 3 children (2 live in NJ, 1 in PA).


Asked on 3/27/13, 11:57 am

1 Answer from Attorneys
Thomas Whelihan Whelihan Law Firm LLC

For resident decedents, the NJ Inheritance tax is imposed on transfers of real or tangible personal property located in NJ, as well as intangible personal property wherever it is located, to certain classes of beneficiaries. If all beneficiaries are decedent's children, they are "Class A" beneficiaries and transfers to such beneficiaries are not subject to NJ Inheritance tax.

NJ Estate tax is triggered where the value of the taxable estate exceeds $675,000. Mom's estate does not exceed threshold for NJ estate tax.

For individuals, the federal applicable exclusion amount for federal estate and gift tax is $5 million, as adjusted for inflation in 2013, $5,250,000. Mom's estate does not exceed threshold for federal estate tax.

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Answered on 3/28/13, 4:06 am


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