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New Jersey Eliminates Estate Tax, Elder Law Attorney, Woodstock, GA


As part of a compromised tax bill New Jersey will soon eliminate its state estate tax and increase its tax exemption on retirement income.

Although you would not always know it from press coverage, the federal estate tax is not the most controversial taxation on estates. Many more estates pay state estate taxes than pay federal estate taxes.

Different states have different estate tax rates and exemption limits. Many states have no estate tax at all. Those differences have caused consternation in many state legislatures that have an estate tax as law makers fear that wealthy citizens will retire to other states with no estate tax.

Whether people move primarily because of the estate tax, however, remains a controversy.

Perhaps, nowhere has the estate tax created more recent controversy than in New Jersey. The state generally has high taxes compared to other states and this is true of its estate tax.

It also has many wealthy citizens and a culture of people moving to warmer states to retire, such as Florida which does not have an estate tax.

As a result, New Jersey has decided to eliminate its estate tax entirely as nj.com reports in “7 things you need to know about N.J.’s 23-cent gas tax hike deal.”

The estate tax exemption will be raised in 2017 and the tax will be eliminated completely in 2018. New Jersey will also be decreasing taxes on retirement income. These and other tax changes will be offset by increasing the state’s gas tax considerably.

Reference: nj.com (Oct. 10, 2016) “7 things you need to know about N.J.’s 23-cent gas tax hike deal.”

 

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The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

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