Legal Question in Wills and Trusts in New Jersey

Can you please let me know what would be the percent charged for estate taxes and the percent charged for inheritance taxes in New Jersey on a $3 million dollar estate for a cousin?


Asked on 12/09/10, 3:19 pm

1 Answer from Attorneys
Jonathan Chester The Law Office of Jonathan S. Chester, Esq., LLC

On a $3,000,000 taxable estate, the NJ Estate tax would be $182,000.

If the entire $3,000,000 goes to a cousin, the Inheritance tax is 15% on the first $700,000 and 16% on amounts over $700,000 [tax = $473,000].

You do not pay both taxes [you pay the larger of the two]...in this case, you would only pay the Inheritance tax, not estate tax.

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Answered on 12/15/10, 5:43 am


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