Required

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.”

 

Hear From Our Clients
tes-prev
tes-next

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.

- Charlotte

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!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben