 When Must New Jersey Death and Inheritance Taxes be Paid When Probating a New Jersey Estate?
New Jersey Inheritance Tax
New Jersey imposes a transfer inheritance tax, at graduated rates, on property having a total value of $500.00 or more which passes from a decedent to a beneficiary. Property passing to a surviving spouse, civil union or domestic partner, parents, grandparents, children, stepchildren or grandchildren is exempt from the tax. All other beneficiaries (except qualified charitable organizations) are subject to inheritance tax.
TESTIMONIAL
My son is an attorney in New Jersey. I am retired and live in Ocean County, New Jersey about 45 minutes away from my son. I needed a lawyer to look at my estate planning documents including Will, Power of Attorney and Health Care Directive. My son recommended Hanlon Niemann in Freehold, New Jersey, specifically Fredrick P. Niemann. I took his advice and met with Mr. Niemann. I am glad that I did. He is a warm and engaging person.
—Frank Mollo, Manchester, NJ
More Testimonials
|
In addition to the inheritance tax, New Jersey imposes a separate estate tax. A probate estate may be subject to the estate tax even though there is no inheritance tax payable.
A New Jersey Estate Tax Return must be filed if the decedent's 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 $675,000.00. It must be filed within nine months of the decedent'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
an Estate in New Jersey
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 3.5 million dollars for decedents dying in 2009. The Federal Estate tax is abolished in 2010 but returns in 2011 at a $1 million dollar partial exemption. The Federal government does not collect an inheritance tax.
Because the rules that govern New Jersey Inheritance and Death Taxes and United State Estate Taxes are complex and subject to change, you should consult Fredrick P. Niemann for up-to-date information. Contact Fredrick P. Niemann, Esq. at fniemann@hnlawfirm.com or call him at (888) 800-7442.
Probate Law attorney 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
|
