New Jersey previously imposed two death taxes – estate tax and inheritance tax. However, as of 2018, the estate tax was completely repealed, leaving only the lesser-known inheritance tax. Inheritance taxes are based upon the beneficiary’s relationship to the decedent. New Jersey categorizes beneficiaries into “classes.” The specific class that a beneficiary falls into …
Inheritance Tax
Inheritance Tax Inheritance tax is exactly what it sounds like: tax paid on your inheritance. Depending on what your relationship is to the decedent, you could owe the State taxes. This is different from Estate Tax, which New Jersey recently did away with. You can read all about that here. We’ll talk a little more about …
Initiating Probate – N.J. Sur...
RULE 4:80. Application To Surrogate’s Court For Probate Or Administration 4:80-1. Application (a) Contents. Unless a complaint for probate is filed with the Superior Court pursuant to R. 4:83, an application for the probate of a will, for letters testamentary, letters of administration, letters of administration of non-resident estates in which administration has not been …
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Why do I need a will?
Did you know? Retirement accounts are typically afforded protection from creditors, even when someone has filed for bankruptcy under the Bankruptcy Abuse Prevention and Consumer Protection Act. However, the Supreme Court has recently ruled that Inherited IRA’s may not have that same protection…
Do I need a Will?
The Question: Do I need a Will? We get this question all the time from clients. And here is the answer I always give them. With every part of estate planning, Will, Power of Attorney, Advanced Health Care Directive, the problem is, once you need it, you can no longer do it. Is it a gamble? …
I owe money on my Inheritance?
Inheritance Tax Inheritance tax is exactly what it sounds like: tax paid on your inheritance. Depending on what your relationship is to the decedent, you could owe the State taxes. This is different from Estate Tax, which New Jersey recently did away with. You can read all about that here. We’ll talk a little more about …
