Legal Question in Wills and Trusts in New Jersey

It's difficult if not impossible to answer your question without reviewing the Will and the other assets/liabilities of the entire estate...Because the Will could direct that all estate taxes are to be paid from the residuary estate, in which case, you may not owe any tax; or the Will could direct the payment of taxes from the beneficiaries on a pro-rata basis-- in which case your tax would be allocated to your share of the estate.

Likewise, in order to calculate the NJ estate tax, I would need to know the value of the gross estate and any debts and administration expenses that would reduce the size of the taxable estate and therefore the amount of tax. That said, as a very rough estimate, 15% may be used as a general guide.

If you and your siblings are the children or grandchildren of the decedent, then there is no NJ Inheritance tax. There will be NJ Estate Tax on the total net estate in excess of $675,000. You need a tax and estate lawyer to handle this for the estate.

I hope this helps!

Ron Cappuccio

www,SaveYourEstate.com