Legal Question in Wills and Trusts in New Jersey

If you google NJ estate tax, you will see links to lots of information. The amount depends on the size of the estate.

If you are preparing your will documents[which you should never do-it-yourself], see a lawyer. If you are an heir or executor or administrator, see a lawyer. This is not an area to try by yourself without at least some professional advice. If you mess up, especially if you're talking about your own estate plan, you won't be around to correct the mess after you die and your heirs have to deal with it. If you are administering the estate and don't do it correctly, you could be personally liable to pay any deficiencies.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.

New jersey has an Estate Tax for Estates >$675,000. Frankly, NJ has one of the highest death taxes in the country and that is why many senior citizens move to low tax States. There is general information at:

http://www.state.nj.us/treasury/taxation/revesttax.shtml

If your estate is taxable, you should definitely seek an estate and tax lawyer to prepare your Will and other estate planning documents.

I hope this helps!

Ron Cappuccio

856 665-2121

www.SaveYourEstate.com

Actually NJ has 2 death taxes, an inheritance tax and an estate tax. The inheritance tax is based upon 2 factors: the relationship between the decedent and the recipient, if any, plus the size of the inheritance. The inheritance tax can run from nothing to 16%. The estate tax, also called a sponge tax, is applicable to larger estates (over $675,000 today) and can also be 16%. Proper estate planning can reduce or possibly eliminate these taxes, so a competent estate planning attorney should be consulted.