New Jersey doesn’t have an estate tax, but it does have an inheritance tax. This is something that can be just as damaging to a family’s financial legacy as an estate tax. The inheritance tax dates to when Benjamin Harrison was President of the United States, and has several classes of heirs and a variety of exemptions. Class A are basically immediate family or direct descendants and Class E are largely charitable organizations and institutions, and these classes are broadly exempt from the inheritance tax. But if you’re in other classes, the inheritance tax exemption is only $500. In a state filled with some of America’s most valuable real estate – with more than 30 towns having a typical home value of more than $1 million – the tax man will come calling, and will demand payment within eight months of someone passing. The Unger Company are specialists in planning for this visit from the tax man. Talk to us to learn how we can help your family.
Saddle River, NJ – NJ’s Inheritance Tax Could Be an Unexpected Thorn for Family
SYNOPSIS: New Jersey is one of five states that only applies an inheritance tax on wealth transfer. The Garden State’s inheritance tax dates to 1892 and has several classes that result in different exemptions.
NJ's Inheritance Tax Could Be an Unexpected Thorn
BY: Harold M Unger, The Unger Company Ltd.
