What’s New in Estate Planning?
On behalf of David Whitlock at Whitlock Canter LLC
New Jersey Estate Taxes Repealed!
In October 2016 the law was changed to repeal New Jersey Estate Taxes effective 1/01/18. For the remainder of 2016 the exemption remains at $675,000 and for deaths in 2017 the exemption is $2 million. The New Jersey Inheritance Tax was not changed and remains in effect.
Federal Estate Taxes
Internal Revenue Service issues Proposed Regulation to eliminate valuation discounts.
In August 2016 the IRS issued Proposed Regulations to eliminate all valuation discounts for family owned entities. They will not be effective until they are finalized. Many taxpayers are making gifts of these interests before the Regulations are finalized. If you own any such family owned entities, we can help you achieve tax savings for your family with a carefully crafted estate plan.
New Jersey Estate Tax Repealed!
In October of 2016 the legislation was passed to repeal the New Jersey Estate Tax effective January 1, 2018. For the remainder of 2016 the New Jersey estate tax exemption remains at $675,000 and for death is 2017 the New Jersey estate tax exemption is $2.0 Million. The New Jersey Inheritance Tax remains in effect.