New Jersey Death and Inheritance Taxes

New Jersey Inheritance Tax

New Jersey imposes an inheritance tax at graduated rates on property having a total value of $500.00 or more when property passes from a decedent to a distant beneficiary under a will or trust. Property which passes to a surviving spouse, civil union or domestic partner, parents, grandparents, children, stepchildren or grandchildren is exempt from NJ inheritance tax. All other beneficiaries (except qualified charitable organizations) are subject to inheritance tax.

In addition to the inheritance tax, New Jersey imposes a separate estate death tax. An estate may be subject to the estate death tax even though there is no inheritance tax payable.

A New Jersey Estate Tax Return must be filed if your gross estate plus adjusted taxable gifts as determined in accordance with the provisions of the Internal Revenue Code in effect on December 31, 2001 exceeds $675,000. Yes, just $675,000.  It must be filed within nine months of a person's death.

Additionally, a copy of any Federal estate tax return filed or required to be filed with the Federal government must be submitted within 30 days of the date it is filed with the Internal Revenue Service and a copy of any communication received from the Federal government must be submitted within 30 days of its receipt from the Internal Revenue Service.

Federal Estate Tax as Part of Probating a New Jersey Will

A federal estate tax return generally must be filed with the Internal Revenue Service for the estate of every U.S. citizen or resident whose gross estate, taxable gifts and specific exemptions exceed 5 million dollars for decedents dying in 2013 and after.

NJ Will lawyers serving these New Jersey Counties:
 

Monmouth County, Ocean County, Essex County, Cape May County, Mercer

County, Middlesex County, Bergen County, Morris County, Burlington County,

Union County, Somerset County, Hudson County, Passaic County

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Inheritance Taxes in NJ | Administering a New Jersey Trust | New Jersey Trust Lawyer

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NO REPRESENTATIONS

This material may contain technical or typographical errors. Hanlon Niemann does not guarantee its accuracy or completeness or suitability. IN NO EVENT SHALL HANLON NIEMANN BE LIABLE FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES RELATING TO THIS MATERIAL, FOR ANY USE OF THIS PUBLICATION. Hanlon Niemann takes no responsibility and makes no warranty whatsoever for the content or information contained herein.

Information on this website has been prepared for general information. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel.