Legal Question in Wills and Trusts in New Jersey

Estate Tax in New Jersey

How can my mother reduce her estate so my inheritance is below the threshold for Estate Tax in New Jersey. She has a will making me executor & beneficiary, annuities. a home in New Jersey & property in New York State. I don't think her estate is valued at much over the $675,000 threshold & is definitely below the $2M Federal level. I live with her in her home in NJ & I receive Social Security Disability benefits.


Asked on 3/23/07, 7:52 am

2 Answers from Attorneys
Steven Tarta Steven Wayne Tarta, Attorney At Law

Re: Estate Tax in New Jersey

As long as you keep the estate under $675,000 you will have no NJ or Federal taxation. Also, as to NJ Inheritance tax as long as the estate is passing to her child(ren) (called Class A beneficiary) there will be no NJ Inheritance Taxation. Keep in mind that she can GIFT annually to any person $12,000.00; this is a great way to reduce an estate without the need to file any taz returns.

Read more
Answered on 3/23/07, 2:28 pm
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

Re: Estate Tax in New Jersey

First, you need a more concrete valuation of your mother's estate. Second, you indicated you are on disability and therefore may have problems dealing with the estate or assets. I think you and your mother should both talk to an estate and tax attorney to plan for your financial needs as well as tax issues.

I hope this helps!

Ron Cappuccio

www.saveyourestate.com

Read more
Answered on 3/23/07, 3:10 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in New Jersey