NEWS

NEW JERSEY ESTATE TAX UPDATE

November 01, 2016

MICHAEL J. RANKIN reports that Governor Christie recently signed into law a Transportation Trust Fund bill which made material changes to the New Jersey Estate Tax.  Commencing on January 1, 2017, the New Jersey estate tax exemption will increase from $675,000 to $2,000,000.  Beginning on January 1, 2018, the New Jersey estate tax will be eliminated in its entirety. 

The New Jersey inheritance tax is unaffected by the new law.  However, the changes to the New Jersey estate tax should reduce the death tax burden for many New Jersey families.  

 Please contact Michael J. Rankin if you have any questions or need any assistance in connection to this subject.