Inheritance and Estate Tax Planning
New Jersey Estate Tax Planning AttorneyIf you are fortunate enough to retire with significant wealth, you may be interested in learning about our estate tax planning services. We can help you take advantage of the techniques that enable you to reduce estate tax burdens on your heirs. Would you like to learn about minimizing the inheritance tax on your estate? Please contact a lawyer from our firm to arrange your consultation. Federal and gift estate tax exemptionThe federal estate tax exemption is the amount you can pass free of estate tax to your heirs. In addition, there is an unlimited “marital deduction” so that an unlimited amount can be left to a spouse without any estate tax. Because of the temporary nature of the 2001 Federal Tax Act, there is much uncertainty in the federal estate taxation of estates. The following is a schedule of the federal estate tax exemption based upon the year of death:
State estate tax exemptionIn New Jersey, the state estate exemption is $675,000. The tax rate is not a fixed percentage and varies upon the size of the estate. In New York, the state estate exemption is $1 million. Inheritance taxNew Jersey is one of the only ten states that impose an inheritance tax based upon the relationship of the decedent to the heir. Spouses, children, parents, grandchildren, other lineal descendants, and charities are exempt, whereas brothers, sisters, nieces, nephews and other more heirs are subject to this type. For answers to your estate tax planning questions, contact our firm to arrange your consultation. Inheritance Tax and Estate Tax Planning Frequently Asked Questions |
